Monday, February 2, 2015

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,
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.

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