Wednesday, September 24, 2014

9/24/14 - EOD Update

Looks like the bulls showed up at the 50 day SMA and 1978 pivot low. As I posted earlier, looks like the market is still trading in the range I pointed out since 8/21.

There are several options on the table with lots of chop so as I posted a month ago, so long as this chops in the range, it favors the bulls.

5 Min 
From a near term perspective, five waves up and five waves down. Waiting to see if the 62 Fib retrace caps this bounce or if da bulls can put in another tiny five waves up here and punch through the 20 day SMA.

60 Min 
Not really buying the wave iis in green and yellow on the 60 min chart. Paying attention to the potential right shoulder here.

On the daily, a double bottom at the 50 day with a potential for a falling wedge pattern here may be setting up the next leg higher.
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