Saturday, August 9, 2014

Longer Term

I haven't posted my longer term charts in a while. However, given that we now have a pretty decent five wave structure down from all time highs, I figure it will be worth looking at what this could be the beginning of.

Based on my longer term charts, it is not the end of the world but we should take note of a more substantial move lower for a wave [4]. The broad target for this move would be anywhere from 1800-1650.

Being that these are longer term charts, we'll just have to monitor the wave patterns as they progress. Note on the daily, there is a bullish alternate that would allow wave [3] to extend higher so new highs would mean that option is most likely playing out.

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