Thursday, January 21, 2016

1/21/16 - EOD Update

As I speculated yesterday, breaking out of the wedge didn't require another dip lower for wave v. I removed the ending diagonal count since price broke up thru the wedge.

The count on the 15 min chart makes more sense should buying resume tomorrow. The inv H/S targets approx 1950.

15 Min 
 On the 60 min below,  since things feel more bearish, we'll go with a wave iv bounce for now.
60 Min 
However, on the daily charts below, the case can be made for a completed flat.

Daily
The last two hammers (one hammer on 10-15-15 and one inverted hammer on 8-25-15) were confirmed with reversals. We'll see if it happens again.
Daily Hammer

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