1/4/13 - EOD Update

No surprise here that the market has continued to extend upwards. We'll just have to wait for wave wave {i} to complete.

60 Min

Weekly

I've posted this chart a few times several weeks back. The market was a tad late on the santa rally but so far is making up for it.

We must keep in mind that wave 5 of C can truncate without touching the upper TL near the 1475 level, which would result in a double top. Let's keep an eye on the MACD histograms and TL for signs, otherwise, we should not be surprised for a move towards the upper TL.

1/3/13 - EOD Update

60 Min

Looks like {i} completed today as the market poked slightly higher. Wave (a) then began with the FOMC meeting minutes. There is a good chance (a) completed today as well and we saw wave (b) begin into the close.

The Fibo retrace targets are on the chart.

1/2/13- EOD Update

Happy New Year indeed if one were positioned for the fiscal cliff (FC) "resolution" "surprise".  I mentioned on 12/24, there was more room for a surprise FC resolution vs the fear of not resolving it.

Intraday on New Year's eve, we were looking at the completion of the move down off the 12/18 high. Whether you position yourself for a wave 2 bounce or a new leg up, it has payed out handsomely.

5 Min

Not gonna concentrate too much on the squiggles but there is room to extend based on this count. However, the hourly chart below, one can slap a wave {i} completion coming up here near 1465.

60 Min 

A backtest of the inverted H/S neckline is near 1442-1437, which would be a wave {ii} retrace into 38%.

Daily

Gotta buy/add on the next dip.

1/2/13 - Intraday Update

Happy New Year!

You know the saying, "It's better to be lucky than good." On New Year's Eve, my intraday update called for an end to the corrective move down. 

ES