Thursday, February 5, 2015
The market continues to trade in the range back and forth. The bearish nested 1-2 down count for the red option has been invalidated. The next best option now is a large expanded flat for wave ii red.
The bulls gain some traction back and closed over the 50 DMA. They have two options working for them. Either the running flat is complete at wave C? or a much larger triangle is in the works. I still don't trust the tri so if the bulls are coming back here, I'm gonna assume the running flat is in play.