Monday, September 29, 2014

9/29/14 - EOD Update

Today, I stepped in with a long position to trade. The market has yet to reveal her hand though and a case can be made for either bull or bear.

However, I'm giving the bulls an edge here with the recapture of the 50 day SMA and I'm continuing to watch that falling wedge pattern (daily). This falling wedge fits in nicely with a wave iv of the ED.

Short term, the bulls have a nested [i -[ii -i -ii up. This should result in a break out over the descending trendline on the 5 min chart.

The bears still have their bearish count in red. They have the i-ii {i-{ii option with a running flat option for ii as well.

Lastly, the hourly sports an ominous H/S pattern, so a breakdown in the neckline would favor the bear's red count.

5 Min 

60 Min 


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