Wednesday, April 24, 2013

4/24/13 - EOD Update

3 Min 
I tweeted the chart above near the close. If the market takes out the base of the triangle, it is safe to say that five waves up have completed.

60 Min 

Using the 60 min timeframe, it would only signify the end of wave i of 5. Wave ii would retrace somewhere near 1565-1555.

Perhaps the 20 day SMA would be a target near 1566.

30 Min 
Not too much faith in the bears bigger count, however, the bulls also favor a near term pullback.
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