Monday, February 22, 2016

2/22/16 - EOD Update

The market climbed back towards the 50 day SMA and is now challenging the 2/2 high at 1946.70. I have the primary as a wave -c of {iv. 

However, I don't quite like the look of the wave structure on the 60 Min chart. The wave looks more like a three wave deal at the moment. If it is a three wave move, then the count should be a double zigzag (ie w-x-y). 

Something else to consider and be aware of is the possibility that wave (4) has ended on the Daily chart. So lets keep an eye on the wave structure off the 2/11 low. If a much larger five wave structure develops, this may be something to consider. 

60 Min
Daily

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