8/2/13 - EOD Update

In the past two sessions, after initially poking higher, the market moved off the high in a teeny tiny five wave move. One would think with a very clear five wave move down, a nice little short trade on the bounce would be likely.

These attempts did not pan out since the market continued to poke above the intraday high, ruling out the "impulsive" five wave move down that was initially thought to have occurred.

As the chart below suggests, the market began wave v of 5 into the close. We'll see if the 1715-1720 level is the target.

Some Fib targets for wave 5 using the terminus for wave 4? black:

5=.618*1 @ 1715
5=1 @ 1742

If using wave 4 purple:

5=.618*1 @ 1723
5=1@ 1748

60 Min