Friday, January 23, 2015

1/23/15 - EOD Update

Still trying to figure out what the market wants to do. Yesterday I gave the bulls the slight edge after taking it away from the bears but now I'm leaning slight bearish again. See below.

The red count on the 60 min chart supports the wave C? of (4) for the daily. The blue count for the triangle supports the potential ED option.

60 Min 

The bulls reclaimed the 50 DMA and broke out of the descending channel. However, the 20 DMA cross below the 50 DMA and notice the backtest and rejection of the trendline?
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