Friday, July 5, 2013

7/5/13 - EOD Update

The bulls cleared the 50 day today and confirmed the daily MACD buy signal. The market just closed under the trend line connecting 5/22 and 6/19 highs.

Per the green option, the market is in a triple nested 1-2 up that should gap and go above the 5/22-6/19 trend line starting next week.

The blue option is somewhat similar, looking for a move higher but no higher than wave [X].  I don't really care for this so much and actually like the red option better as the 2nd alternative to the green option.

Red has wave b of a larger flat ending at the 5/22-6/19 trend line. Per this option, wave c of 2 starts early next week that either just back tests the 50 day SMA or all the way to the 20 day SMA.


15 Min 



Just using some intersecting trend lines here and a lil bigger picture, the 5/22-6/19 trend line may pose a challenge for the bulls.

Note the red expanding diagonal. This also plays with the large [W]-[X]-[Y] potential. So if the bulls don't gap and go next week, some things are lining up. 


Daily


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