Friday, February 7, 2014

2/7/14 - EOD Update

Just looked at the weekly. That is one big hammer. Watching for confirmation next week.

That is some impulse. She came flying out of that wedge. Looking for wave i or a to complete. A pull back for wave ii or b should be another good place to trade on the long side.

A potential inverted head and shoulders pattern may be developing. A symmetrical right shoulder would take the market back to 1770ish. Of course we know the market doesn't always give you what you would expect. So should there be another leg higher, we'll keep an eye out for a shallow retrace.

For the bear, I haven't forgotten the larger bearish head and shoulders pattern so we'll see how high the next leg up goes. The 20 and 50 day SMA are just above near 1800 so bulls have to prove they are back.

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