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Thursday, July 29, 2010

E-minis [Update 3:20PM]

[Update 3:20PM: It sure would look nice as a wedge move. That gives credence to the expanded flat Minor 2 count - with an ending diagonal for the massive [c] wave. It doesn't much matter at this point as the final move would imply the same thing; complete the wedge. That would imply an "ABC"-type three move from the low today to a peak.

As long as the lower wedge trendline holds, we'll throw this pattern up here and see what happens. At the least, I don't see (yet) any 5 wave patterns down on the SPX.]

Dollar finally broke down overnight, delayed from what I posted yesterday Heading toward the 50% Fib.

Overall pattern here

Euro is thrusting out also of what appears to be a final triangle
E-minis hourly looks like it has corrected enough while managing to maintain price. The MACD histogram has some overnight momentum behind it.
GDP preliminary report tomorrow and the entire market waits in anticipation. 
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