Tuesday, November 17, 2015

11/17/15 - EOD Update

This is gonna get interesting. Earlier today, the bull count was looking for a wave -iv (green) pullback. A pullback occurred and so far that has hit 50%. A lil steeper than I would like for a wave -iv but until it violates wave -i, its still in play. A potential inv H/S for the bulls too.

For the bears, they continue to track lower highs within an expanding diagonal pattern. They also put in their wave iv (red) but that is pretty steep too.

Earlier I tweeted the
The market broke out of the diagonal but again there are two scenarios for this. We will have to see over the next day or two, which count wins.
15 Min 

I added a third potential H/S pattern (orange). So far the first two have played out.

60 Min 
Something to consider that would favor this third H/S is the almost shooting star daily candlestick that was rejected on a backtest of the 200 day SMA.

Daily

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