Tuesday, May 3, 2016

5/3/16 - Pre Market Update

The market backtested  what I was watching as a H/S. With that backtest, it overlapped wave (i or a potential five wave move down.

The only other bearish options left with that overlap is a either: 1.  A nested 1-2 down or 2. The backtest was a wave x and now wave (y down is in progress.

For the bulls, the low on 4/29 at 2052.58 marked the end of a complete three wave correction. The pullback towards the open would be considered a chance to go long so long as the 4/29 low holds.

I'm leaning towards a trade on the opening pullback especially if it pulls back to the 20 SMA and holds. We'll see.
6:00 AM - 60 Min 
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