11/22/10 - EOD Update #2 - Count Options [EDIT 7:25 PM]

[EDIT 7:25 PM] See updated head and shoulders chart down below

I have updated my count options and relabeled option 1a, previously seen here, as option 1 since it currently is my preferred. I still see a few others as well which are seen below.

Option 1

Today's pullback completed minuette (b) and the mini rally into the close completed subminuette i of minuette (c) of minute [b].

Minute [b] may target either a 62% retracement of [a] near 1026 or minuette (c) of minute [b] may extend (a) of [b] between 1201 -1211 if the typical extension ratios kick in.

Notice at the top minute [b] may still retrace all of [a] and minuette (c) of [b] extends (a) of [b] a 1.618 times. This would set up minor 4 as a flat potentially so keep that in mind.

It appears the 30 and 60 min MACD signaled a buy today near the close as well.

Option 1a

Option 1a is very similar to Option 1. However the difference is how the subwaves for minute [b] is counted.

If minute [b] consists of a w-x-y corrective, it results in a slight difference on what the wave structure would look like to complete minute [b]. See the difference compared to option 1?

Option 1b

Option 1b assumes that minuette (b) may still be in progress. This implies that one more pullback is in store in a subminuette c down.

Option 2

Option 2 implies that minute [a] of Minor 4 is not complete yet. This is a way to 1150 if the market wants to go there.

Minor 4 Roadmap

Here's an update to this chart, which I have been using as a potential road map for Minor 4.

CHANNEL

Here's an update to this channel I have presented in the past. The market found support at the mid channel again. Notice the MACD histos are sloping up?

But also notice the potential head and shoulders pattern that may also be developing? I posted a chart with this pattern last Thursday. Target is 1111 if it plays out.

[EDIT 7:25 PM]

Issues with the Chatroom

For those trying to access the room today, my sincerest apology.

I believe there may have been two separate issues, one of which I believe I have now resolved. The second issue I hope was only a glitch.

I hope there will be no issues tomorrow.

11/22/10 - EOD Update #2 - Count Options

I have updated my count options and relabeled option 1a, previously seen here, as option 1 since it currently is my preferred. I still see a few others as well which are seen below.

Option 1

Today's pullback completed minuette (b) and the mini rally into the close completed subminuette i of minuette (c) of minute [b].

Minute [b] may target either a 62% retracement of [a] near 1026 or minuette (c) of minute [b] may extend (a) of [b] between 1201 -1211 if the typical extension ratios kick in.

Notice at the top minute [b] may still retrace all of [a] and minuette (c) of [b] extends (a) of [b] a 1.618 times. This would set up minor 4 as a flat potentially so keep that in mind.

It appears the 30 and 60 min MACD signaled a buy today near the close as well.

Option 1a

Option 1a is very similar to Option 1. However the difference is how the subwaves for minute [b] is counted.

If minute [b] consists of a w-x-y corrective, it results in a slight difference on what the wave structure would look like to complete minute [b]. See the difference compared to option 1?

Option 1b

Option 1b assumes that minuette (b) may still be in progress. This implies that one more pullback is in store in a subminuette c down.

Option 2

Option 2 implies that minute [a] of Minor 4 is not complete yet. This is a way to 1150 if the market wants to go there.

Minor 4 Roadmap

Here's an update to this chart, which I have been using as a potential road map for Minor 4.

CHANNEL

Here's an update to this channel I have presented in the past. The market found support at the mid channel again. Notice the MACD histos are sloping up?

But also notice the potential head and shoulders pattern that may also be developing? I posted a chart with this pattern last Thursday. Target is 1111 if it plays out.

11/22/10 - EOD Update

EOD Update

Option 1a is the count du jour. However by the close I'm contemplating the move off the 11/16 low as a five wave move. Will post charts later .

11:41 AM Update

Option 1a is the preferred now. Waiting to see five waves up complete off this am's low and then a three wave corrective down to setup a long trade. Remember 5-3-5s are the easiest to trade.

8:52 AM Update

Option 1

Still watching this option as my primary.

For all others go here.
6:55 AM Update
Don't forget about option 1 c as well.

Here's a recap of all the options I'm tracking

http://waveprinciple.blogspot.com/2010/11/111910-eod-update-2-count-options.html

6:38 AM Update

Option 1

With option 1 above, I speculated that minuette (b) may possibly form a triangle. It may also form a flat.

Option 1b

Pre Market

/ES

It appears ES has completed what looks like five waves up. I have labeled it wave 1 or A.

From here we should expect at least a three wave down and then followed by another five waves up at the minimum.

Cash may have to be labeled the same. We'll have to see how far the retracement plays out.

/DX

The dollar appears to have completed five waves down. So we should expect a three wave bounce and then at least another five waves down.