1/26/11 EOD Update

EOD Update

Busy day at work today so I apologize for not posting any updates throughout the day. It appears I didn't miss too much anyway.

So far things continue to march up as expected. The channel in the chart above continues to be respected and the bullish leaning daily MACD that I have been tracking is starting to turn up right at trendline support as previously anticipated.

As the market stair steps higher along the channel, the top of the channel continues to push higher. The top now sits at approximately 1317. Wave 5 black = .618*1 at 1318 on my chart below. We also know there is a pivot resistance level at 1313 so something to be mindful of.

Primary

Here is the primary triangle chart I'm following along with the various options. The primary count I'm watching is that wave ii of 5 black completed today or is about to complete. A wave iii up is on tap.

The other options available are on the chart.

5 Min

Here's a 5 min view of the internals out of the triangle.

INDU

The INDU is sporting a possible ending diagonal. The maximum length for wave v of the ED is marked with the Fibs.

However, notice the alternate labels in blue. The alternate would keep INDU fairly consistent with SPX in terms of pushing for newer highs.

RUT

Here's a follow up to the RUT that was posted yesterday. A buy at the bottom there turned out to be a good move.

As I mentioned yesterday, the daily MACD trendline support may have been key. This was also applicable with SPX above as mentioned.

60 MIN

Here's the 60 min showing the projection for wave 5.

3 MIN

A 3 min showing the internal of the bounce off the bottom of the channel.

1/25/11 EOD Post [2:00 PM Update]

[2:00 PM Update]

Forgot to post this channel chart. 1313 sits right at the top of the channel, if that is the market's intention.


EOD Post


I would like to say with a pretty good degree of confidence, the triangle is playing out and it was completed today.

I have highlighted some targets for wave 5 black based on the tri thrust target, inverted head and shoulders pattern and 5th wave extension ratio to wave 1. They all point to approx 1320.

However, there are some other options on the chart above as well. They are:

1. 4 ended 1/7 and working on waves 1 and 2 blue of V
2. 4 triangle complete, labels in red.
3. 1/20's low just wave a green of a red of 4

***Until a high above wave b red is made, the tri and flat scenarios may still be in progress. ****


Here's that fib fan chart I have continued to watch. Notice the next pivot target is 1313? I must also mention that 1303 exist as well.

The next three charts are for the RUT. Do you buy here?

Like the SPX, a wave 4 most likely completed today and now a rally for a wave 5 is most likely in store.

12:09 PM Update

12:09 PM Update



Falling wedge for wave e??

11:24 AM Update



10:48 AM Update



Sorry. Been busy in the chat room. I think there is a good possibility wave e of the triangle may be complete.

Pre Market

ES

Looks like a moderate drop at the open is setting up. If the bears want to come out of hibernation, this is going to be the time to do it since there is an initial five waves down (at least one may be counted as such, though it is a lil suspect) and the three wave bounce.

There are a few options on ES above, which is very similar to the cash counts I have been providing. Notice the triangle potential in there as well?

Below, I have labeled my top three options as A, B and C. I have been pushing the triangle for the past week or two now and that remains the top option. Until the count is invalidated, that is the one I'm primarily watching.

However, that does not mean charts B or C cannot run their counts parallel with A and all remain valid at the same time and at times all may indicate a move in the same direction.

For instance, this morning's potential opening drop is still acceptable for all counts. There are thresholds to watch to invalidate those counts. They are listed on the charts so keep an eye on those. Until those counts are invalidated, assume they are all in play.

Chart A

Chart B

Chart C

1/24/11 - EOD Update [4:47 PM Update]

[4:47 PM Update]

Here are some more internal counts to support the options on the main chart below (the one with the light green ascending trendline). This option here has wave 2 blue still in progress possibly forming a flat.

Here's the bear count.

All counts still look for a push higher to approximately 1295ish.

[1:57 PM Update]


Here's an update on the corrective count internals that would support the triangle option. The top on this chart would either represent subwave d among others. See below for the addtl options.

Vodavi in the chat room also presented an ED option we must be looking out for. I really like this option as well.

EOD Update


Here are the options on the chart above.

1. 4 ENDED 1/7 AND WORKING ON WAVES 1 AND 2 BLUE OF V
2. 4 ENDED 1/20
3. 4 MAY BE WORKING A TRIANGLE, LABELS IN RED
4. THE LOW ON 1/20 WAS JUST WAVE a GREEN OF a RED OF 4


This 5 min chart supports option 1 on the chart above.

I'll try to post the internal counts for the other options later tonight.