Friday, October 17, 2014

10/17/14 - AM Update

[12:41 PM] - A new inverted H/S target (1978ish).

12:41 PM - 5 Min 

[11:55 AM] - I removed the purple labels since it was invalidated. We are left with red and blue.

I'm having a hard time counting an impulse for blue off the wave c low. I tweeted the other day tho that an extended third wave could be in the works should the inv H/S play out. So we must be mindful of that.

However, given all the volatility, I'm placing a day trade short bet here that wave {iv in fact completed today and that wave {v may be underway.  Stop is above today's high. We'll see.

11:55 AM - 5 Min 

[11:01 AM] - Remain nimble folks. Wave {iv may be complete. Rejected at the upper end of the descending channel.

11:01 AM - 5 Min

[7:37 AM] - The purple count is out. The red count invalidation point noted on the chart at the H/S target. I'll take 50 points from yesterday. I'm out of my trade.

7:37 AM - 5 Min

[7:05 AM] - Yesterday's trade is looking good. The inv H/S appears to be playing out.

Being nimble has been great. The purple count has almost been invalidated. We'll see if this is targeting the 200 DMA.

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