Wednesday, May 12, 2010

No official start of minute 3...

Sorry about yesterday, but my family has been hit with a sick bug, and it finally caught up to me. I'm feeling close to 100%, so here I am with my update.

Based on what has transpired so far, it looks like we are very, very close to the end of minute 2. Today's price action had ending diagonal written all over it, so unless price subdivides on us, when it breaks, it should break hard. I'm watching the 15 min 34 SMA along with Tuesday's low. That should be our confirmation that minute 3 has begun.

We are also tracking nicely with respect to our time ratios. Wave 1 was 10 trading days, and we are currently at 5 trading days for our wave 2. Based on time, we should see a wave 2 top if not tomorrow, then Friday. Key resistance is also right overhead coming in at 1175 and 1181.

Hang in there and get ready to either add to or start a serious short position.
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