Friday, November 8, 2013

11/8/13 - EOD Update

What a comeback by the bulls. The market bounced hard today after finding support at the 20 day SMA and breaking out of a falling wedge with a completed flat. I was keying in on that yesterday and it did not disappoint.

I didn't get to post the opportunity this AM but there was a buying opp that occurred right after the market pierced out of the falling wedge. Hopefully some of you folks saw that and bought at what would have been wave 2 and the back test of the wedge.

3 Min 

What does today's action all mean? The daily chart may give some perspective.

Either v of 5 is going to wrap up early next week and wave 5 = .618*1 or the entire move since 10/8 may only be wave i of 5.

One must not discount the confirmed daily MACD sell signal so possibly some type of pause will occur next week.
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