Wednesday, November 6, 2013

11/6/13 - EOD Update

The bulls managed to break out higher today as suspected and ruled out the red count I had labeled yesterday.

The wave structure off the 11/1 low is not quick impulsive looking yet and in fact looks like it may be forming an ED. What would change this is a quick move higher, which would then change the overlapping ED structure into a nested 1-2 i-ii up.

The bears no longer have the triangle, however, they still have the larger flat going for them that I have hinted at since Monday 11/4. 

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One other pattern I'm keeping an eye on is this triangle. The bears need to break it.

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