1/31/14 - AM Update

Way too early to tell but putting the gray triangle out there. The bounce off the day's low is pretty sharp so not so sure about the bounce being a wave iv red.

9:24 AM

Very convoluted down here. The bulls failed to make a new impulse up. The best count is a flat down here. Looking for a double bottom or new low.

1/30/14 - EOD Update

The bulls may be working on five waves up off yesterday's low. Keep in mind, it can still just be five waves for wave a per the red option on the 60 min below.

5 Min 

60 Min 

1/30/14 - AM Update

Just some extension projections for wave v if iv retraces 23.6%.

11:14 AM

Bulls have a line to defend for an impulse up.

11:07 AM

Let's see if wave (5) is underway while keeping an eye on the red count.

9:14 AM

1/27/14 - EOD Update

As I posted last Friday, the selling so far may just be a wave (4). We'll see.

1/24/14 - EOD Update

Been meaning to add the 10 yr yield.

TNX

No need to panic yet. We'll see if this is just a wave 4 pullback. 1767ish takes the market to 38% retracment. Lines up with an approximate 5% pullback.

60 Min 

1/22/14 - EOD Update

No change. Futures action suggest perhaps a pullback to the lower TL? We'll see what happens in the AM.

60 Min 

1/21/14 - EOD Update

Not much to add the past few days. I'm seeing some choppy action and now a potential ascending triangle in the works as well.

60 Min 

1/16/14 - AM Update

Been a little busy but here is my current take.

5 Min - 6:43 AM

60 Min - 6:43 AM

1/14/14 - EOD Update

Green looks to be most likely.

5 min 

1/13/14 - EOD Update

Finally a clue from the market. My best guess.

5 Min 

1/8/14 - EOD Update

On Monday I suggested that another possible pattern could be a combo corrective in the works for wave (ii) or (c). The action over the past two days may suggest that this could be correct if the bulls cannot push for a new high. That option is in pink below.

5 Min 

1/7/14 - AM Update

The bear's only hope is an expanded flat. Who knows.

12:37 PM

Yesterday I posted that I had a count for the bulls and would wait until price broke out of the descending channel. Well here it is.

If there is a lower low coming, I would suspect it is only part of a larger correction vs a new impulse wave down.

6:50 AM

1/6/14 - EOD Update

I don't like the squiggle count for the bears, however, we have to respect the daily MACD bear cross that is threatening to cross down along with -ve divergence.

For the bulls, I see a count that would justify a zigzag down but will wait to post it until price breaks out of the descending channel.

1 Min 

5 Min 

Daily

1/6/14 - AM Update

The bears need to defend the red line on the 1 min chart or else wave i of (iii) will have a 4-1 overlap (see 5 min below)

1 Min - 9:06 AM

5 Min - 9:06 AM

1/3/14 - AM Update

Some targets for (iii) or (b) if they come.

10:44 AM

So far looks like 50% retracement was good enough.

9:20 AM

We'll see if there are truly five waves down. I'd expect this bounce to hit near 1840 if the bears have succeeded in forming five waves down.

7:02 AM

1/2/14 - EOD Update

Happy New Year to all. Is the market pausing at the start of the new year? We'll see.

So far a possible tiny five waves down. The 20 day SMA is at 1809.

5 Min 

60 Min 

Daily