Thursday, September 17, 2015

9/17/15 - EOD Update

Looks like the market's reaction to the Fed rate decision has taken out the triangle option and the bearish blue wave -iii I had been tracking. I have adjusted the count to track the two best options at the moment.

1. With today's spike to 2020, wave c completed after following wave b's combo corrective count.

2. One more spike higher to the 50 SMA will occur in a wave -iii of iii or wave -iii of c.

I like option 2, which is in line with what I have been favoring, a retest of the 50 SMA (now at 2040). A retest of the 50 week would be a target as well.

60 Min 

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