Tuesday, September 14, 2010

Morning Update...

Another late night and here I am. The ED scenario was a bust at the open. We have a high potential of a 5 wave completed pattern. There are a number of different scenarios, so here they are:

#1 5 waves completed at the open yesterday. We had a wave a/1 down and a wave b/2 retracement. Today we will get our wave c/3. If this is the count, then we could have an irregular flat minor wave 2 on our hands, or a bullish minute wave 1. The selloff will tell us which it is. If we are in a minute wave 2, I would expect price to hold the 1096/1100 area.

#2 We are in a 5th wave extention. Any weakness this morning should hold at yesterday's low and reverse to move to the 1128 area.
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