Thursday, March 13, 2014

3/13/14 - EOD Update

[EOD Update] - The market bounced as expected and the third wave up hit within 2 points of the target before reversing course throughout the day on the shooting star (hourly) and up against the trend line resistance.

I mentioned last night that we would have to reassess once the bounce came since MACD (daily) was crossing down.

As the wave continued to impulse down, I pointed towards the alternate count I posted last night in green. So far wave c of y = a. We'll see if this is enough for wave ii (per 60 min chart).

5 Min 

60 Min 
Though I feel a bounce may be coming, the bulls have to be cautious here. Daily MACD crossed down with triple -ve divergence. All five waves up can be accounted for.



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