Thursday, December 20, 2012

12/20/12 - EOD Update [6:05 PM Update]

[6:05 PM Update]

ES
So much for that 3 of 3 moment tomorrow. ES is down 20 points at the moment on news that the House GOP has scrapped plan B. We must be prepared to be whipsawed.

Things can still change overnight but I highly doubt a 3 of 3 event will materialize. We'll see in 12 hrs.

EOD Update 


30 mins into the close, I tweeted that we should be looking for a potential 3 of 3 move up starting tomorrow if not into the close. The market began to telegraph this potential move a few mins into the close so we'll see.

The bear option has been reduced to a double zigzag WXY wave structure since the move from the 12/19 high to the 12/20 low counts best an overlapping three wave structure. The 4-1 overlap that occurred at approx 2:30 PM EST further corroborated this view.

Wave (x) red can still just cap off at 1448 tomorrow so we'll see what the bulls try to do.

5 Min 

60 Min 

Daily
A backtest and bounce at the 1435 level as I have been anticipating.
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