7/5/12 - EOD Update [4:30 PM Update]

[4:30 PM Update]

5 Min

Here's a 5 min squiggle view clearly showing a corrective pattern playing out. The bears may get one little dip  to fulfill the h/s potentially setting up here, which is also the 38% retracement of wave iii on the bear and bull charts below. Keep in mind the triangle on the 10 min below though so take the h/s with a grain of salt.


EOD Update

I apologize for any delays in commenting today in the new chat room. I believe this issue should now be resolved.

You can find the room by clicking on the "Real Time EW Analysis" link at the top of the blog. I hope to be in the room more moving forward.

10 Min 

If I get a chance to look at the squiggles that may indicate otherwise I'm leaning towards wave iv playing out here since the move off Tue's high counts best as corrective. Whether the iv becomes a tri or a flat, we'll know tomorrow.

Bear

 As stated above, most likely a wave iv in the works.

Bull

Happy 4th of July

Bear

 The bears either completed wave (2) or is working on completing five waves for wave c of (2). Note the 78% retracement level and the 4/2-5/1 TL.

Bull

The bulls may have completed wave iii. Note how it is similar with the alt bear count? We'll see.

The diagonal I mentioned last week may get its 78% retracement, which is a typical retracement out of a diagonal.

Below is a review of my longer term view.

Intermediate (B)

Per this count, the bears are setting up a massive drop down towards the 1220 area once wave 2 completes.
The eventual target for Intermediate (C) would be near the 1074 low to compete the flat.

Ultra Bull 

This ultra bullish alternate (which I'm not too sure about yet but will let the waves speak for themselves) has a very nested 3 of 3 of 3 etc in the works to new highs.

Note the alternate on this chart though that may form either a running flat or triangle. This would get the bears all fired up only to disappoint.

LT Corrective Option

Last but not least is this longer term view that treats the 2009 as one massive corrective bounce that is still not complete.

So what does all this imply? Remain flexible and adapt to change. Happy 4th!

7/2/12 - EOD Update

Are there two double tops in the works here? The bear count would corroborate that.

However, the bull count has the market wrapping up wave iii and working on iv now.

For those who have been following us in the live chat room, we are migrating to a new forum located here.

You may also access it on the Real Time EW Analysis link at the top of the blog as well.

Bear

Bull

Cover It Live Forum Suspended

GM all,

It looks like the free ride from the Cover It Live Forum is now gone and the company has turned to a subscription based service. Until I can find a substitute for the forum, please check out this BLYVE Forum for real time discussions.

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Thank you all for your understanding and visiting out site.