Wednesday, May 7, 2014

5/7/14 - EOD Update

For a minute there today, I thought the red count option I posted yesterday was going to gain some steam. However, the bulls stepped in again at the 50 day SMA to save it.

There is not doubt the bulls and bears are battling it out up here and continue to chop this around. I revisited my daily count and still like the ending diagonal pattern that is playing out. I have adjusted my 60 min chart to reflect what I have at the daily level.

60 Min 
 I still have a few options here on the 60 min. I have listed them in order of preference.

1. The yellow option has wave iii of 5 playing out. Unknown yet if wave b of iii is done or will be a triangle itself.

2. The blue option has a nested 1-2 i-ii up coming off a running flat for wave 4.

3. The red option is still viable if there is more chop to be had.

4. Lastly, we must be prepared should the wedge collapse.


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