Monday, June 24, 2013

6/24/13 - AM Update

Just noticed a possible subdivision for wave {iii} and it would look like this.

1 Min - 7:36 AM

Looking for a potential falling wedge here on the 1 min

1 Min - 7:34 AM

Watching this potential H/S shoulders developing on the weekly.  Not sure if this will head to 1536 first or form the right shoulder around here with the wave ii bounce as highlighted on the 1 and 15 Min below.

The right shoulder may be capped by the previous all time high of 1576. That would also make for a 38% retracement for wave ii. A back test of the blue midchannel puts the market near 1614.

Weekly - 7:28 AM
Buy here for the wave ii bounce if the low holds.

1 Min - 7:22 AM

Looks like that bounce will not be coming and the green option has been eliminated. Red and blue remain and may be looking for something more bearish after a tiny wave ii bounce.

15 Min - 7:13 AM

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