Thursday, December 5, 2013

12/5/13 - EOD Update

Earlier I posted and tweeted to watch for a possible triangle down here. I also mentioned that the longer the market sloshed around, the triangle becomes more likely.

I adjusted the purple count to reflect this option. Wave d certainly looks like the complex leg in the tri.

Now given all that, all three options still call for one more push up to re-challenge the 1795-1800 (red and green) level or a quick pop and reversal (purple). This obviously goes with the uncertainty with the NFP numbers for tomorrow.

If the market reacts positively to the news, I would expect wave iii green to tear on upwards.

However, in the past we have seen the market react one way momentarily only to reverse sharply the other way. Note that the red and purple option accounts for this behavior.

So we shall see tomorrow...

5 Min 

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