Sunday, August 30, 2015

8/30/15

On Fri, I tweeted that a potential triangle could be forming
However, with futures action tonight down ~24 points (ES),  its obvious that five waves have actually completed, which is what I was looking for.

I will be looking to buy the dip tomorrow if the top of wave 'a' is not breached on my 5 min chart. If wave a is breached, I will look at the structure for this pullback for guidance along with the Fib retracement levels to determine if I go long for a trade. It can always turn into a triple bottom.

So first things first. Lets see if the top of wave 'a' holds. If not, I'll reassess and see what type of wave action we have down to the typical 50-62% Fib retrace levels.

5 Min

So far an 'a-b-c' down off the all time high.

Daily

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