Monday, December 17, 2012

12/17/12 - EOD Update

Last week, I was looking for a move out of the diagonal. I also posted the possible path it would take on my Friday edit.

Intraday today I posted the 5 min chart below as a potential place to buy into to this for a trade long short term. So far so good.

1433-1435 will be an interesting level to watch. This marks the 78% retracement level (typical targets for diagonals) out of the diagonal and the TL resistance level on the 60 min chart below. This would be a good place to end wave {b} black on my 60 min chart below.  I would

I would like to see a wave {c} down towards 1400-1380, however, we have to be mindful of the weekly chart below if the third leg of wave 5 is in progress. This would be consistent with some form of fiscal cliff news that sends the market higher into the end of the year.

Bulls still need to clear 1440 a higher high (12/12) and break through the TL.

5 min 

5 LD

60 Min 


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