Friday, October 30, 2015

10/30/15 - EOD Update

Earlier today I tweeted that I was gonna short the wedge/ending diagonal.

I couldn't post a chart at the time but this is what I was seeing.

1 Min 
If {iii extends and equals to {i, 2076 would be the target. 1.618*{i = 2068. 2.168*{i = 2056.
60 Min 

I like this count and the look of the structure. Keep in mind of course, this wedge/ending diagonal may only complete a wave a/i/c. One medium term bullish option (wave a), one a lil longer term bullish (wave i) and the last bearish (wave c).

So with this position, I'm looking for a pullback to some support levels below/Fib retrace levels. 2060 would be a good target to start as it would return to the start of the yellow ending diagonal. 2020 would be the larger ED.

I am aware that the market tagged the center of the rising channel and revisited the 10/23 high at the 2080 level, where it may find support.

We'll see what happens next week. My stop is today's high.

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