1/16/15 - EOD Update

Since the 1/6/15 post, I stated that we should be looking for a range to trade. Since then, I have posted the possibility of a triangle playing out, which would be a fitting pattern as the market trades in the range.

Though the bear count is not out yet, the triangle I have presented continues to build its case.

The market also bounced right at the dotted lines I was watching this past Weds.  Yesterday, I highlighted a potential falling wedge that would represent a wave c of C of the triangle.

So far today, the market bounced at the dotted lines forming a potential double bottom and blasted out of the falling wedge.

Again, both bulls and bears have legitimate counts. Its best to remain nimble and trade within this range.

60 Min