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Friday, October 24, 2014

10/24/14 - EOD Update

What a week for the bulls. They printed one large green candlestick following the previous week's hammer candle.

I think the bulls are looking to complete five waves up right near 1970. I have relabeled my squiggles just a tad to make it easier, rather then listing several alternates. I basically have wave - ii as a running flat.

The bears are in danger of losing their nested 1-2 i-ii count. I'd say a challenge of the ATH is in order especially if the 50 DMA can be recaptured. Daily MACD has also been confirmed on the cross up.



5 Min 

60 Min 
 I don't think wave (4) is complete yet so there may be a flat forming as highlighted on the 60 min chart above. However, if wave (5) is underway, buying on a pullback of this current leg up won't hurt if you can capture the third wave to challenge the ATH or make a new ATH.

Daily
 Here is the daily for perspective
Weekly

10/24/14 - AM Update

[6:49 AM] - A poke above yesterday's high may mean it is extending.

6;49 AM - 5 Min 

Thursday, October 23, 2014

10/23/14 - EOD Update

After a choppy yet sharp bounce, it looks like the market has now completed five waves up near the inv H/S target and just under the 50 DMA. As I posted yesterday, I wanted to see wave -v complete first, which it appears it has now done.

So lets see if there is another buying opportunity here as the right shoulder of a larger inv H/S is set. It can find support anywhere in between 1925- 1875.

5 Min 

Daily

10/23/14 - AM Update

[12:06 PM] - Looks good for five completed waves at a logical pivot point. Looking for another dip to buy.

12:06 PM - 5 Min 


[9:20 AM]- ED provided the road map and cash followed. Looking good so far. I rarely buy wave 4s but this one worked out.



9:20 AM - 5 Min 


[6:27 AM] - ES on track to print five waves up.


6:27 AM - ES

Wednesday, October 22, 2014

10/22/14 - EOD Update

Today's pullback looks like a wave -iv so far in cash and emini and may have set the right shoulder as mentioned last night at 1925.

We could see a back-n-forth here to consolidate some so will be looking for that in the 1925-1970 range. However, I'd like to see wave -v set first and then a pullback to consolidate within the range.


5 Min - SPX

60 Min - ES