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| EOD UPDATE |
As I mentioned in the AM, the upper Bollinger band sits at 1126. The 200 SMA is at 1115. So I say this is a pretty good target range for this leg up.
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| OPTION 4 - BEAR FRIENDLY |
Here's a bear friendly count longer term but near / medium term, we are going higher. Wave X retraces W 38%. By this count C of Y = A of Y = 1153 and that would complete Primary wave 2. Of course wave C can extend to 1.618* A or .618.
Remember this chart above? Looking pretty good.
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| EOD- Preferred |
That 3 blue is a good looking three but could very well be a wave c up. Notice the "or [A] and or [B]" alternates.
We're getting close to the upper channel, which sits at about 1105. That's a level we've seen before.
And a longer term view below of the same channel and an intersection of channels.
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| EOD- LT Channels |
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| EOD |
Two bullish looking candlesticks in a row. I'd say that was a nice follow through day.
Bull cross on the MACD and a solid close over the 50 SMA and 34 EMA. I would look to this for some support on the downside.
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| 9:15 AM- Preferred |
An update to this count.
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7:10 AM |
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| 7:10 AM |
As I mentioned yesterday, though 1080 was looking like some early resistance, the MACD was implying something else. Now we are over the 20 and 50 SMA with a MACD buy signal.
The MACD has trended nicely since June. 1126 is the top of the Bollinger Band and the 200 SMA sits at 1115.
