Thursday, December 11, 2014

12/11/14 - EOD Update

On the 5 min chart below, I show a complete abc zigzag in blue. The next best option is a zigzag in progress but wave b is forming a triangle (red count).

The third option is a more bearish nested 1-2 i-ii down. I did not place those labels on the chart because I am too lazy. This option is ruled out if the red horizontal line is breached.

On the 60 min chart, there is a larger falling wedge developing and should that play out with a breakout higher, it will confirm that the blue zigzag is correct.

If the next best option is playing out, it would support the head and shoulders on the 60 min chart.

Until the bulls recover the 20 DMA or break thru the red horizontal line, I will give the advantage to the bears.

5 Min 

60 Min 
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