Thursday, December 6, 2012

12/6/12 - EOD Update

Most of my readers know that I like to present as many optinos as possible. However, since the market has been in consolidation mode, it is obvious that many more options are avail then I would like to point out.

I'd say the best thing at the moment to focus on is the triangulation which is occurring. Note that in the 60 min chart above, I have either a wave {ii} blue complette or wave B pink about to wrap up its triangle.

I say as long as the lower triangle trend line holds, the bias is up. Tomorrow, we should see it out of the gate. Either {iii} blue shoots for 1424 and beyond or wave d of B shoots for the 1418-1415 region before dropping back down.

Should the lower triangle TL break, I will then present some additional bearish options.

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