Tuesday, December 18, 2012

12/18/12 - EOD Update

Those who follow me on twitter and bought on yesterday's wave {ii} dip should have fared well today. Whether you believed it to be a wave 3 or c does not matter. All that matters was that one was positioned for this third wave.

Even if you traded this option, which is no longer in play, you would have caught wave c higher. 

Though the onus is on the bulls to take out the 1475 Sept high, the bear case is weakening in the short/intermediate term.

5 Min 
Five waves up is what I count. If it is complete, I will be looking for a proper Fib retracement and 1435 still stands out as a good spot.

60 min 
Backtest the previous resistance levels at 1435. The bears only hope now is that today's push completed a double zigzag (wxy) off the November low.

This is looking bullish.
Santa Rally?

blog comments powered by Disqus