EOD Update [9:53PM Update]

[9:53PM Update]

Just playing around with the count and structure. This is an interesting one that counts legitimately. We'll see.

30 Min

60 Min

EOD Update

Yesterday's EOD Update is a good example when most of one's EW counts (primary and alternates) point in the same direction it's not a bad time to take a bet in that direction or maintain a position previously held.

Granted the counts alone were not the sole reason, I did point out the 30 and 60 min MACD setup as well.

Anyway, the market followed through and now we need to determine if wave iii is nearing completion on the primary or if wave (B) is complete for the alternate.

I eliminated alternate 2 so the counts are a little easier to manage again.

30 min- Primary

This count has the market stair stepping higher in the channel. Obviously pattern-wise that still fits as a bear flag so one must remain vigilant with that, especially since the alternate count below may have completed.

60 min - Primary

If you are wondering how the 30 min fits into this picture. The 60 m MACD looks like it wants to cross up through the zero line.

5 min - Alt1

It is very possible that an ED is forming up top to complete wave c of y of (B) or it is already complete.

VIX- Daily

The VIX managed to close above 30 and formed an inverted hammer right at the back test of the descending TL it recently broke out of.

The daily MACD buy signal was confirmed today, however must watch to see if this is short-lived especially with the close below the daily 20 SMA. (I forgot to correct this statement in yesterday's EOD. I wrote "sell signal" when it should have been "buy")