2/26/15 - EOD Update

Perhaps the wave structure is not complete yet (yellow count).

60 Min 

2/25/15 - AM Update

7:27 AM - Backtest of the lower TL so far. Rejection? We'll see.

7:27 AM - 5 Min 

7:03 AM - Be ready. This leg may be done.

60 Min

2/18/15 - EOD Update

No change on the daily.

Daily

Here's an update on my weekly count showing the move off the 2009 low. Still channeling well in the gray channel. Still thinking that wave (4) is still to come. Still too many three wave structures up here.

Weekly

2/14/15

The bulls printed a new high and with that strengthened their case for a large wave 5 ED or simply a wave 5 impulse, which would be pretty large if wave 3 of 5 is underway.

The bear's wave C of (4) is not out yet though so I stand by for further.

Daily

2/11/15 - EOD Update

Until the bulls can take out 2100, I still think the bears may be setting something up here. I have added a third option on my 60 min chart that works off the expanding triangle.

60 Min 

Daily

2/9/15 - EOD Update

What's new?

60 Min 

2/8/15

Still struggling. ES down about 10. We'll see what happens overnight.

60 Min

2/5/15 EOD Update

The market continues to trade in the range back and forth. The bearish nested 1-2 down count for the red option has been invalidated. The next best option now is a large expanded flat for wave ii red.

The bulls gain some traction back and closed over the 50 DMA. They have two options working for them. Either the running flat is complete at wave C? or a much larger triangle is in the works. I still don't trust the tri so if the bulls are coming back here, I'm gonna assume the running flat is in play. 

60 Min 

2/4/15 - EOD Update

The bears and bulls are still struggling for control.

The bulls have traced out what now appears to be five clear impulsive waves up. The triangle and ED work on the 5 min chart and with the end of day reversal, a good chance wave b or ii is underway.

Some things to note for the bears. The market failed to close above the 50 DMA and reversed at the upper descending trendline again.

The red count on the 60 min chart is looking for a bearish wave -iii down. We should be mindful of this potential, especially because I have found the triangle to be a little suspect.

2/4/15 - AM Update

11:41 AM - Five waves may still be tracing out or ED complete?

11:41 AM - 5 Min 

9:31 AM - Watching for a potential ED here.

9:31 AM - 5 Min 

2/3/15 - EOD Update

Gonna get interesting here. The market shot right up towards the upper trendline I was keeping an eye on.

The question now is whether this is wave D in progress, the continuation of the ED (see daily chart) or just wave {a of the bears count in red.


The bulls managed to form a decent looking five wave impulse and recapture the 50 DMA. However, the market continues to print lower highs so we'll see.

5 Min 

60 Min 

2/3/15 - AM Update

6:47 AM  - Keepin an eye on the 80% Fib retracement and the upper descending trendline.

6:47 AM  - 60 Min 

2/2/15 - EOD Update

On Fri, I posted that the leading expanding diagonal was continuing to build. Sure enough, this AM, the market dipped and completed what would be considered wave -v.

I also tweeted at 8:20 AM PST,

Cant chart todayyet but based on the struggle at 2k n hrly +ve divergence. Maybe a long here for a bounce.
— Grand (@grand680) February 2, 2015

The +ve divergence appeared to play out and the market bounced in what would be considered a wave -ii if following the red count.

As far as the triangle that I have been tracking is considered, the previous count was ruled out with today's new low. However, until the wave A low at 1972.56 is taken out, a new alternate is in play for either a flat or another larger triangle.

Again, I find this pattern suspect now especially the longer it gets drawn out. But we must be mindful of its potential so long as 1972.56 holds.

5 Min 

60 Min