Wednesday, October 1, 2014

10/1/14 - EOD Update

Looks like the bears may have come out of hibernation. We have some decent wave counts and a broken neckline on a H/S targeting 1905.

However, we still have a legitimate double zigzag correction count (purple 5min) in play and price just tagged the lower trendline (purple) on the daily chart.

At the moment I have to give the advantage to the bears, however, there may be a bounce setting up here and that bounce will determine if the bears can make a larger degree five waves down.

If the bulls do not fight here, the bears  may have a gap and go drop coming up that would represent some form of 3 of 3 event.

5 Min 

60 Min 

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