Thursday, December 13, 2012

12/13/12 - EOD Update

Another good call today intraday at 7:50 AM PST. I posted this intraday update. It was a near perfect EW setup good for approximately 14 points.

5 Min

A few options on the 5 min near term. I'm still leaning towards the more bearish targets below near 1400-1380 due to the break down of the rising wedge.

However, we should be mindful of the blue option here should the 50 day SMA (see below) hold as support.

As the 60 min highlights below, there may be room for one more wave c of Y move higher should that 50 day find support.

60 Min 

Note on the daily there are still higher lows and higher highs off the 11/16 low so we should not get too bearish yet.
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