Thursday, August 1, 2013

8/1/13 - EOD Update

The market went with what I thought was the obvious triangle. However, a closer examination of the squiggles may not support this.

Wave 4 may have just completed on 7/26 but as you can see, there are a few places we could consider wave 4 complete due to the chop.

Anyway, its pretty clear wave 5 is in progress. No real way to know for sure when it ends but just keep an eye on the BBs and wave 5 Fib extensions. I'm watching 1715-1720, which is what the triangle thrust target would be. This also lines up with the daily and weekly upper BB.

Until the bears can launch a decent size/degree five wave decline, we must continue to look higher with each pullback.

60 Min 

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