Thursday, November 21, 2013

11/21/13 - EOD Update

Once again the market provided clues with the wedge pattern. This made for a nice long trade going into today.

I think I have a pretty good count on the 1 min squiggle. We must be mindful of the potential ED / wedge up top here.

This may provide another dip to buy for a trade should a right shoulder develop.

With the hourly MACD buy signal triggered, there is a decent possibility that a nested (1) - (2) , i -ii up was set up into the close. We'll see at the open tomorrow if this plays out.

I'll be looking for that right shoulder first should it come.

The bears do not have an impulsive wave count down so the best they have for now is a larger double zigzag down with today's bounce representing a larger x wave.

1 Min 

5 Min 

15 Min 

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