Thursday, September 3, 2015

9/3/15 - EOD Update

The market hit the inverted H/S target that I was tracking today and then reversed course from there. Though my 5 min chart highlights a double bottom target of 2040, I also cautioned folks earlier today with the 60 min chart that I am watching.

One thing to note short term is that price stayed within the ascending channel so far.

5 Min 

As for the 60 min chart, it now looks like if this count is correct, either a wave -iii of v will flush on the open tomorrow or a wave iv triangle may still be in the works.

So at this point, we just need to be ready to play the quick third waves (either wave 3 or Cs).

60 Min

Should the market bounce at the open tomorrow, I would like to see the double bottom target tested. However, keep in mind, even though I'm looking for that test, it is not all rosy for the bulls. It could just be a backtest of the broken trendline on the daily chart below.


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