Thursday, August 26, 2010

08/26/10 Update

Subminuette iv shifted a little but today moved as expected. In fact the level that iv reached made more sense than what I had posted last night. I am only looking to around 103.5-103 as my target for (iii). Now if you are really staring hard, you might see an inverted head and shoulders formation with [4] as the left shoulder, [5] as the head and todays close as the right shoulder. If the inverted HS plays out...then iv becomes either a complex iv reaching higher or potentially its (iv) instead. Still looking for Minute[i]/minuette (v) to finish below 101.
Whats been interesting is that this whole move down from the top of minor 2 really has not move the VIX that much.
BPSPX:CPC is performing as expected signaling an early sell signal. The sell is not confirmed until the 20ma crossed the 50ma.
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