Friday, October 17, 2014

10/17/14 - EOD Update

[EOD Update]- What a wild week. Looks like the bulls are trying to make a stand here. We'll see if they can get it over the 200 DMA next week.

The bulls have the inv H/S in their favor, a possible completion of wave w or a for (4) and a weekly hammer candlestick right above the 50 WMA.

I'm not too confident of my blue count on the 5 min chart. It is quite choppy but if the bulls are to launch higher next week, we will have to assume there are a series of nested 1-2s in there.

As I posted on Weds, if the bulls manage to rally next week, I will still be prepared to trade the range between 1825-2020. We'll see.

As for the bears, they have been able to sell the rallies over past few weeks. Price is still contained within the descending channel (tho bulls are threatening to break out of it) for what may have completed wave {iv.


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