Monday, January 9, 2012

1/9/12 - EOD Update

A very boring day today as the market continued to trade in a narrow trading range ahead of AA. The ascending triangle and lower TL are what I'm primarily watching next to the wave counts.

I think we should see a move tomorrow. For the bulls, caution should be warranted if the break is to the upside as the primary anticipates since there continues to be a -ve divergence building on the 60 min.

Should the bulls break out, I'll be watching the 1288 and 1294 levels for possible resistance. After that, 1300.

The bear's best count at the moment is a flat looking for the completion of wave X before a wave Y down towards 1263.
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