Friday, November 1, 2013

11/1/13 - EOD Update [Updated 11/2/13]

Added the wave labels for the nested 1-2 i-ii option down with the invalidation level.

5 Min - Updated 11-2-13

During today's AM Update, the charts provided some clues that a bounce was underway to trade long. I pointed out that the bears needed to flush the market since a falling wedge was forming, threatening their momentum.

Sure enough, the bulls stepped in and broke up through the wedge. On the 5 min, chart earlier in the day, a nice trade setup was provided.

Now we'll have to see if the bulls intend to break through the trendline or trap some bears with a larger degree wave 2 pullback before marching higher.

The 60 min shows a bull flag in the works.

The bears are technically not done yet though since there is a case for a nested 1-2 i-ii down so we'll see who wins this next week.
5 Min 

60 Min 

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