Tuesday, September 8, 2015

9/8/15 - AM Update

Before the open last Fri, I thought the lower trendline of the triangle would be tested if not broken thru.

The market visited the lower TL and started to look like the triangle was gonna hold.
So far so good today. If there is to be a fifth wave down, it projects anywhere betweent 1890 (v=i) to 1840 (v=1.618*i).

60 Min 
Something to think about though is that the daily MACD is turning up from the lows and the alternate bullish count calls for another leg higher (possibly test the 20 SMA) before a new low is made. Based on the daily count below, a flat could be complete or near completion.


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