Wednesday, June 29, 2016

6/29/16 - EOD Update

The market blasted out of the gates higher today so I got my "few more points" and closed out my long position. The market continued to climb throughout the day and voided the five wave structure for the bears when 2050.37 was breached.

Last night I posted that should 2050.37 be taken out, the next best bear option is the nested 1-2 down so that is now the case for the bears.

For the bulls, today's gap and go looks like a wave 3 with the possibility of a completed five wave structure. So either wave i up for the bulls is complete or a few more tiny subwaves to go to complete it.

I'll be looking for a wave ii pullback to buy.

60 Min 

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