Thursday, January 29, 2015

1/29/15 - EOD Update

Ha. Many moons ago at the during the first week of January, I posted that we should keep an eye on a range since the market was very choppy.

Yesterday I mentioned that the triangle had not been ruled out yet and today, the market bounced hard at the lower trendline of the triangle I have been tracking for some time now.

Wave E is a very legitimate double zigzag. The bulls have bolster their case and though I love spotting triangles to trade, for some reason I find this one suspect.

The leading expanding diagonal is not out yet either so I would rather the bulls clear this triangle first before giving them the edge. So I'd have to say I am still leaning towards the bear's case.

5 Min 

60 Min 

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