8/7/12 - EOD Update

COMPLEX CORRECTIVE

I still think this is it, however, pay attention to the bullish LD below that must be considered again.

BULLISH LD

Several weeks ago I presented the LD as the bullish option and had ignored it as the market chopped higher and especially when the expected wave 2 made a shallow retrace.

However, this is an option that is still very legit for the bulls and must be watched again.

8/4/12 - EOD Update

Complex Corrective

I still feel this is the best wave structure playing out. The pattern itself is a rising wedge and the mkt appeared to reach the top of the TL on Friday.

Note the blue zigzag that I highlighted. This is why I think this best fits a complex corrective. That in no way looks like a wave 1 impulse.

Intermediate B

This is the longer term bearish count I've been tracking. If the complex corrective above is truly playing out, bulls need to be ready here.

Mc Clellan Oscillator

The McClellan is also hinting at the completion of the wave structure with the triple -ve divergence.

Weekly Bollinger Band

The bulls need to step in here to break out of the bearish rising wedge. A weekly MACD bull cross could very well be favoring the bulls. We'll see.

8/3/12 - Vacation Update

Note the blue zigzag on the chart. Because of this clear three wave structure, I say bulls should remain cautious here.

It has obviously been a traders market the past two months but also a clear bearish lookings rising wedge that has rallied out of a falling wedge. Note the 78.6% retracement target, which has been met?

I have note this in several posts over the past few weeks so lets see what happens here.

This count, which I have been tracking for a while now and posted several times, is the one to watch and why the first chart above should be respected.

8/1/12

I am on vacation til next week. I'm not sure I'll be posting charts. We'll see.

This surely looks corrective and as a bull flag.