The probabilities for Door #1 (see yesterday's post) increased considerably today. Current preferred Elliott count looks like this:
Still holding long ES from yesterday, no change in stop & reverse for now. As long as we stay above lower trend line and above 80 on the oscillator long position will be held.
The 30 minute V Stoch is approaching overbought territory. Also, the Buy line on the Buy/Sell tailed away into the close, so I would expect to see some consolidation tomorrow. A hard sell off is certainly possible but not likely IMHO.
Thursday, July 22, 2010
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