Tuesday, February 4, 2014

2/4/14 - EOD Update

Much of today's bounce appears to be corrective. The majority of the move also resembled a rising wedge.

Because of the +divergence that I have been watching, which confirmed today, we'll give the bulls the benefit of the doubt here.

The rising wedge may be treated as a leading diagonal. I have it as a wave 1, but certainly may be considered a wave A as well.

So I'm betting on another leg higher, perhaps to target the inv h/s near 1775 as posted earlier today.
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