8/8/14 - EOD Update

The market may now be setting up to backtest the 50 day SMA (currently at 1955). The 60 min chart below shows three options.

I like red the best, yellow 2nd (essentially means the same thing as red) and blue last (don't really like this at all but technically it is valid).

All three call for a bounce. So we'll see what happens next week.  A dip for wave b red would provide a very nice opportunity for a long trade with a stop below 1904.78.

5 Min 

60 Min