Saturday, January 30, 2016

1/30/16

The market finally broke out of the ascending triangle I was following. Near term  (15 min) I have it working on wave [a of -y. Could be complete or near completion.

There is a gap that can be filled at 1950 and the  inverted H/S targets calls for 1980-2000.

The bulls regained the 20 day SMA and the 50 is hovering near 2007 at the moment. Perhaps a backtest there?

Wave {iv on the 60 min below is ruled out with a poke over 2019.39.

The weekly printed a hammer last week and was confirmed this week along with positive divergence.

So my strategy hope this next week is to find a wave b to buy. Maybe 1t 1920 or hopefully on a backtest of the asc tri at 1910ish.

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