Friday, October 24, 2014

10/24/14 - EOD Update

What a week for the bulls. They printed one large green candlestick following the previous week's hammer candle.

I think the bulls are looking to complete five waves up right near 1970. I have relabeled my squiggles just a tad to make it easier, rather then listing several alternates. I basically have wave - ii as a running flat.

The bears are in danger of losing their nested 1-2 i-ii count. I'd say a challenge of the ATH is in order especially if the 50 DMA can be recaptured. Daily MACD has also been confirmed on the cross up.

5 Min 

60 Min 
 I don't think wave (4) is complete yet so there may be a flat forming as highlighted on the 60 min chart above. However, if wave (5) is underway, buying on a pullback of this current leg up won't hurt if you can capture the third wave to challenge the ATH or make a new ATH.

 Here is the daily for perspective

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