Wednesday, December 4, 2013

12/4/13 - EOD Update

Wild ride today. I added a few options, which are now highlighted on the chart; green, red and purple.

The bulls better show up because the bears have several things lining up for them. I pointed out the larger H/S pattern potential developing yesterday. I have since updated that on the chart below.

From a trading stand point, we have a range to work with between 1777 and 1800 so let's just all stay nimble and make some $$.

The green count, has the market making a comeback and shooting for new highs. One thing to note to counter the H/S is a potential descending triangle. We shall keep an eye and hence stay nimble.

For the red option, I didn't place a wave a for (2) but that may have completed into the close. If so, I expect a quick dip tomorrow AM for wave b before c launches to complete (2).

The purple option calls for a sell off at the get go tomorrow so we'll see if there is any merit to this count.
5 Min 

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