Here's a variation on the combo corrective option I presented earlier. After (x) completes at the top of the range, wave (y) forms a tri within that range and completes the right shoulder of a larger inverted head and shoulders.
EOD Update
The market continues to form corrective waves up and down against the larger trend which is up. This bodes well for my primary count that a flat may be in progress.
The market also closed above key MAs (20, 50) and EMAs (13 and 34). The 5 day MA crossed up through the 20 day, which I have also been keeping an eye on.
Daily
The options once again:
1. Wave y of (x) of [4] is underway and will tag the 1335 level
2. Wave w of (x) of [4] is complete with wave x of (x) underway that will test the 1300-1305 level.
3. Wave (x) of [4] is complete and wave (y) is underway. A breakdown below 1284 will help confirm this.
4. Wave (x) of [2] of Minor 3 is complete and wave (y) of [2] of Minor 3 is underway
5. See the INDU chart below for another option
60 Min Primary
Looking for an x wave pullback towards 1305ish.
Here's another optional pattern to watch out for. Given the daily macd bull cross, this may play out as it slowly churns the weekly back towards positive.
Here's another optional pattern to watch out for. Given the daily macd bull cross, this may play out as it slowly churns the weekly back towards positive.
60 Min Optional
This is Option #2 from above.
5 and 20 day SMA
Weekly
The hammer has been confirmed. There have been 4 previous reversals.
INDU
