Tuesday, August 5, 2014

8/5/14 - EOD Update

This is the best bear wave structure in a while so we'll see if they dip just a tad lower to complete five waves. It is possible that 1900 may be acting as a magnet so I wouldn't be surprised if for some reason wave v of 5 extends to that area.

Either way, once five waves are complete, we should look for an a-b-c corrective bounce to a proper Fib level (maybe backtest the 50 day SMA). This would be a good area to play a short for at least one more leg down.

The near term alternate is in yellow.

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