Monday, January 25, 2016

1/25/16 - EOD Update

In the past two sessions, I have tweeted the potential nested -i -ii, [i [ii setup. This applies to the five minute chart below.

However, if you pan out to the 15 and 60 min, a potential double zig-zag may be in the works to complete wave {iv. I'm looking for a move back towards the 1920/40 area. This would also backtest the 20 SMA.

I was looking for the backtest of the neckline on the inv H/S and that is what the market did today. I dipped back in again but will admit I'm not too confident. I'll stop out below wave [ii on the 5 min chart below.

5 Min 

15 Min  
60 Min 

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