Monday, July 11, 2016

7/11/16 - EOD Update

Providing an update to my long term chart tonight since the wave structure from the 5/15 high to 2/16 low looks like three waves down. From the 2/16 low to now, three more waves up. This would fit well for a flat, which would imply a large wave c down for wave (4).

This is an option. The primary is wave (5) up underway. However, leaving room for this possibility.

We'll see.

Looks like wave {iii of iii completed today or is nearing completion. We'll see if the -ve MACD divergence is confirmed. Wave iii = i at 2190.

The bulls need to defend 2108.71 in order to complete five waves for wave iii. Though the primary count is bullish, I actually took a small short position again on the chance that this pulls back to the 20/50 SMA or fails on a sustained break out over the 213x level.

60 Min 

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