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Feb 25th, 2010: Bulls Keep Your Eye on the Prize

Posted by pugsma on February 25, 2010

5:07pm EST:  Another bear trap was sprung today at 1086, which was the 20-day SMA.  Wave 2-[5]-P1 completed and wave 3-[5]-P1 is likely underway.  Notice that the down channel for the alternate count has already be pierced to the upside.

15-min Chart (EOD):

60-miin Chart (EOD):

Daily Chart (EOD):

2:40pm EST:  Wow, quite and explosive move off the 20-day SMA low today at 1086.  Things are looking good for the bullish primary count again.  1086 was a perfect 38% re-trace of the wave 1-[5]-P1 move and it’s also were c=a for the wave 2-[5]-P1.

15-min Chart (2:40pm):

12:45pm EST:  I have been watching this Diamond Reversal pattern like a hawk since the 1045 low and bullish hammer on the daily chart.  We may have put in the d-leg at 1112 and now the e-leg at around 1080/1085 today.  It also, works as an Inverse Head and Shoulders pattern.  And of course both agrees with my bullish primary count.  Notice the 20-day SMA at 1086 is holding up so far today, as well.

Daily Diamond Reversal Patter (12:45 pm):

10:10am EST:   OK, so the turquois ultra-bullish count was wrong and is now eliminated.  The primary count has always been the white count and it’s still looking good this morning.  We are likely in the c-leg of an a-b-c Zig-Zag (ZZ) for wave 2-[5]-P1.   I was targeting levels between 1070 (62% retrace of 1-[5]) and 1086 (38% retrace of 1-[5]).   Based on a=20 points and b ending at 1106, we also have targets of c=a=>1086 and c=1.62a=>1074.  So these match-up well with the retrace targets.

Bulls need to keep your eye on the prize which is the wave 5-[5]-P1 target at 1165, which also corresponds to the large Inverse Head & Shoulders that is now clearly in play on the 60-min chart.

15-min chart (10:10am):

60-min chart (10:10am):

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