5/27/16 - EOD Update

A pretty clear looking five wave structure off the 5/19 low now on the hourly. Looking for a wave (ii pullback to buy. Could also be a wave 'b' pullback for (B yellow too. We'll see. 

60 Min 

5/26/16 - EOD Update

The wave structure off the 5/19/16 low is looking good as a potential impulse wave. Base on the primary count, I suspect wave [iv is underway. As I posted Tues, the bulls need to defend 2058.35. The next best alternate is a potential sideways move represented by the yellow count.

60 Min 

 Unless the bears take out 1810 we must assume that wave (5) is underway on the daily below.

Daily

5/24/16 - EOD Update

Haven't had a chance to post or tweet but exited longs I took on the pullback near the 2040 region yesterday.

Five waves off yesterday's low at 2026 to today's hi at 2058. Looking for another long entry if a pullbak to 2040ish occurs(50% retrace)

— Grand (@grand680) May 20, 2016

2058.35 is the levels the bulls need to defend now if they want to form a larger degree five wave move higher. The bulls have also broken thru the descending channel and may now have a bullish flag in their favor. The bulls have also held off the bearish H/S so far.

60 Min 

5/19/16 - EOD Update

The wild ride continues. I exited half my long position yesterday on the bounce to 2060 and salvaged the remaining position on the bounce after the market pierced thru 2034.

The market has now taken out the neckline and spent most of the day bouncing back towards the underside of the neckline. Hourly MACD about to cross up so we'll see what sort of potential bounce is in store tomorrow.

The wave structure off the 4/20/16 high is too choppy to call impulsive.

60 Min 

5/17/16 - EOD Update

I took a long trade again today with the pullback to 2055 since I was expecting to be a wave ii or b pullback. The market sliced through what would have been wave a or i so in general that would have been a exit.

I held on to it with a lil pain (~10 pts) since my original stop level at 2039 held. The waves continue to chop and the best explanation I have at the moment is a more complex double zigzag highlighted now on the 60 min chart.

The H/S is still a threat so I will exit my position if 2039 breaks.

5 Min 

60 Min 

5/17/16 - AM Update

7:15 AM  - Just went long again. We'll see.

7:15 AM - 5 Min 

5/16/16 - EOD Update

Last Fri I posted my long trade since I suspected a bounce was in store to play a possible wave c up. Got out near the peak today so picked up about 20 points.

Now will wait and see if there is a wave ii or b opportunity down to buy for another leg up.

5 Min 

5/13/16 - AM Update

11:00 AM - Just went long for a trade here. Playing the purple alternate. Though I lean towards the larger H/S on the 60 min, something makes me thing there could be another bounce short term should this pullback down to today is a b leg, with one more c leg up.

Stop below 2039.

11:00 AM - 5 Min 

I'm also tracking a potential triangle on the 60 min chart to that would challenge the H/S. We'll see. Just gonna play the contrarian on the H/S since it is so obvious.

5/11/16 - EOD Update

Too busy to post an update since Monday but that short term long position was pretty nice. However, now that the third leg is over, we have to consider a larger H/S on the 60 min chart.

One thing to note is the alternate that I labeled on the 5 min chart. It is possible a larger degree five wave move just completed. More on that later. Gotta run for now.

5/9/16 - AM Update

7:43 AM Update - Very near term gonna buy the pullback hopefully near wave c.

7:43 AM - 5 Min 

5/4/16 - EOD Update

I exited my long position for a small lost today with the break below the neckline of the H/S. This could whipsaw with a bounce up thru the neckline again though since the 60 min looks like it may be positively diverging and the market is hovering over the 50 SMA.

Wave count-wise, however, this could still be sub-dividing lower making its way towards the H/S target near 1980 so I will wait and see.

60 Min

5/3/16 - EOD Update

Here is the larger H/S I tweeted about earlier. Still in the long position since 2052 held. We shall see.

60 Min 

5/3/16 - Pre Market Update

The market backtested  what I was watching as a H/S. With that backtest, it overlapped wave (i or a potential five wave move down.

The only other bearish options left with that overlap is a either: 1.  A nested 1-2 down or 2. The backtest was a wave x and now wave (y down is in progress.

For the bulls, the low on 4/29 at 2052.58 marked the end of a complete three wave correction. The pullback towards the open would be considered a chance to go long so long as the 4/29 low holds.

I'm leaning towards a trade on the opening pullback especially if it pulls back to the 20 SMA and holds. We'll see.

6:00 AM - 60 Min