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Tuesday, September 30, 2014

9/30/14 - EOD Update

The market continues to leave us hanging.  Leading up to today, I had given the bulls a slight edge. As the waves continue to play out, I'd have to say it is about even now. I still have may long trade though unless 1964 is taken out.

The bears have several count options favoring another leg down.

Note the diamond bottom pattern I have added. I don't believe it is a strong one but something to note




9/30/14 - AM Update

[12:37 PM] - The upper trendline for the tri hits near 1983 to complete wave e. Granted wave e does not have to travel all the way to the top. The bulls need to blast past wave c to rule this tri out.

12:37 PM - 5 Min 


[11:32 AM] - Watch that triangle. The bulls need to step in.

11:32 AM - 5 Min 



[9:53 AM] - One more tweak for the squiggles.

9:53 AM - 5 Min 


[9:42 AM] - Still looks like a tug-of-war going on. Some adjustments as this plays out.

9:42 AM - 5 Min 


[7:48 AM] - Watching for the break out of the wedge.

7:48 AM - 60 Min 


[6:55 AM] - If the bulls do not step in, looking to exit long because of a new potential bearish count (in purple).


6:55 AM - 5 Min 

Monday, September 29, 2014

9/29/14 - EOD Update

Today, I stepped in with a long position to trade. The market has yet to reveal her hand though and a case can be made for either bull or bear.

However, I'm giving the bulls an edge here with the recapture of the 50 day SMA and I'm continuing to watch that falling wedge pattern (daily). This falling wedge fits in nicely with a wave iv of the ED.

Short term, the bulls have a nested [i -[ii -i -ii up. This should result in a break out over the descending trendline on the 5 min chart.

The bears still have their bearish count in red. They have the i-ii {i-{ii option with a running flat option for ii as well.

Lastly, the hourly sports an ominous H/S pattern, so a breakdown in the neckline would favor the bear's red count.


5 Min 

60 Min 

Daily

9/29/14 - AM Update

[11:34 AM] - Looks like a double zigzag for {ii. We'll see.

11:34 AM - 1 Min 



[9:56 AM] - So far so good.

9:56 Am - 1 Min 




[8:23 AM] - Ok. Squeezing in a quick squiggle count. Looking to enter a long trade should five waves complete with a decent wave {ii pullback.


8:23 AM - 1 Min 

Friday, September 26, 2014

9/26/14 - EOD Update

I did not take a short position today before the close. Rather, I am going to wait and see what happens early next week. If the bulls struggle to get it over 2k, I will take a position.

However, if the bulls can hold 1966, I will wait for a test of the 50 day SMA and enter a long trade.

The wave iv of my ED is looking pretty good here along with the falling wedge. The upper trendline is highlighted on the 5 min chart as well so we should keep an eye out for a break out there.

5 Min

60 Min 
 Still keeping an eye on this H/S too.
Daily