Busy day at work today so I apologize for not posting any updates throughout the day. It appears I didn't miss too much anyway.So far things continue to march up as expected. The channel in the chart above continues to be respected and the bullish leaning daily MACD that I have been tracking is starting to turn up right at trendline support as previously anticipated.
As the market stair steps higher along the channel, the top of the channel continues to push higher. The top now sits at approximately 1317. Wave 5 black = .618*1 at 1318 on my chart below. We also know there is a pivot resistance level at 1313 so something to be mindful of.
PrimaryHere is the primary triangle chart I'm following along with the various options. The primary count I'm watching is that wave ii of 5 black completed today or is about to complete. A wave iii up is on tap.
The other options available are on the chart.
5 MinHere's a 5 min view of the internals out of the triangle.
INDUThe INDU is sporting a possible ending diagonal. The maximum length for wave v of the ED is marked with the Fibs.
However, notice the alternate labels in blue. The alternate would keep INDU fairly consistent with SPX in terms of pushing for newer highs.
RUTHere's a follow up to the RUT that was posted yesterday. A buy at the bottom there turned out to be a good move.
As I mentioned yesterday, the daily MACD trendline support may have been key. This was also applicable with SPX above as mentioned.
60 MINHere's the 60 min showing the projection for wave 5.
3 MINA 3 min showing the internal of the bounce off the bottom of the channel.
