Wednesday, February 4, 2015

2/4/15 - EOD Update

The bears and bulls are still struggling for control.

The bulls have traced out what now appears to be five clear impulsive waves up. The triangle and ED work on the 5 min chart and with the end of day reversal, a good chance wave b or ii is underway.

Some things to note for the bears. The market failed to close above the 50 DMA and reversed at the upper descending trendline again.

The red count on the 60 min chart is looking for a bearish wave -iii down. We should be mindful of this potential, especially because I have found the triangle to be a little suspect.

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