Wednesday, September 5, 2012

9/5/12 - EOD Update [10:35 PM Update]

[10:35 PM Update] 

60 Min
I added more labels for the red option to show how a drop to 1376 would still favor one more push to a new high over 1427. We'll see which option plays out.

 EOD Update
60 Min
 Another uneventful day. The descending triangle is still in play but I have added back a red option that highlights the potential combination corrective that began on 8/23. This combo corrective may either represent wave ii (black option) or wave b (red option).

Options black and red are looking for some downside tomorrow whereas option green is looking for a pop out of the tri.

Looks like Draghi will be the catalyst for tomorrow.

Daily
A fourth close below the 20 day SMA with the bands tightening up.
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