Friday, November 13, 2015

11/13/15 - EOD Update

The 2nd H/S target has been met. The market is hovering just above the 50 day SMA and took a break at the 2020 level.  It has also hit 38% retracement. We'll see if it finds support here.

Earlier I pointed out the potential for the leading diagonal count. IF this is correct, the wave structure off the 2116 high has played out in three waves so far. Should a bounce come, the bears need to defend the wave i/a low at 2068.24 if they want to build five waves down.

From a bullish perspective, a three wave pullback to support and Fib support may set up a bounce from here. We shall see next week.

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