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Sunday, July 24, 2011

One more tiny rally in stocks

The triangle formation on the minuette (hourly) charts (lower) that I've been discussing continues to develop.  I've shown the russell2k and s&p e-mini futures below.
It looks like we have completed d, or are very close. 
We still need the final leg, so a Monday rally is likely.  It will all depend on how much progress is made in the after hours session.  I expect e to be a simple a-b-c zigzag.  I intend to wait and play the (c) wave down, but will wait for confirmation that e of the triangle is complete.

I've also shown the minute charts (daily - upper),  where I believe a larger triangle is in progress.   Here we should be getting ready to complete the final wave down of (4) before heading to potentially new 2011 highs.  My degree of confidence in the minute count is not extremely high, so I'll want to see five waves up on the minuette chart, ie a 1-2.

Posted by Waverunner (FractalTrader) at 7:26 PM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))