Tuesday, September 2, 2014

9/2/14 - EOD Update

As suggested last week, the market may be forming a base around the 1990-2000 level. It may be accomplishing this via a flat or a triangle.

Some of my intraday charts today may suggest that the flat is complete,  however, the larger triangle may also be in play. The market is near the upper end of the range now.

Will there be one more dip with a higher low? If so, that would certainly support the triangle.

If 1990 is breached, wave c of the flat will be deemed incomplete as of today and a target for that scenario would be be near 1985-1980.

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