6/19/13 - EOD Update

3:14 PM Update

Looks like ES sports a pretty clear ED.

ES

EOD Update


The bears won the day. I tweeted earlier that I wouldn't be surprised if the market flushed without the final fifth for the ED.

I also posted last night that with the wave {iv} overlap into {i} the old blue bull count option would become very suspect. The ED certainly played out and I believe sputtered for a truncated wave v of C to complete wave [X], which I have now adjusted the blue count to.

The bulls lost the 20 day SMA and now the weekly MACD is set to cross down.

Per the adjusted blue count below (which was previously the red count) wave i down of A of Y may have completed. I'm expecting a bounce for ii tomorrow and that may backtest the 20 day SMA at 1638.

The next best bear alt count is a nested 1-2 i-ii down and tomorrow opens gap down without any chance of a bounce. We'll see.

6/19/13 - AM Update

Put a bow on it.  watching 1620 below.

115 min - 12:01 PM

Wave iv of the ED is complete.

15 min - 11:14 AM

The market may be building a wave {b} triangle. We'll see.

3 Min - 8:25 AM

I previously tweeted five tiny waves up on the 1min  about 10 mins ago. However, after a small pullback, the mkt pushed once more higher before reversing, resulting in 7 waves up. Lets see if there will be another leg down to hit the lower trend line.

3 Min - 7:50 AM

There's the small dip as called in yesterday's EOD Update. Note the blue wave {iv} into {i} violation.

I mentioned yesterday that this would make the blue count suspect and that the ED would become more likely. Otherwise the bulls now have a quadruple nested 1-2 i-ii. That would mean a seriously 3 of 3 explosion that would extend for a bit. How likely will that be?


Lets see if there is one more little dip here to touch the lower red trend line. Doesn't have to though.

15 Min - 7:28 AM 

6/18/13 - EOD Update

Been keeping an eye on the weekly MACD. The last 4 crosses have resulted in some downside. There is a bear count option to support this as well. We shall see what tomorrow and the rest of this week brings.

Weekly

The bulls finally broke thru the 20 day SMA. Daily MACD is turning as well. I still feel that the bulls should accelerate higher if the blue count is to be proven correct.

If blue {iv} retraces into {i} tomorrow, red flags should go up because a quadruple nested 1-2 would be a little suspect.

I adjusted the red option to better reflect what is happening with the ED count. The bears have a triple -ve divergence on the 15 min so it is possible we see a dip early tomorrow to complete wave iv.

We should see resolution by tomorrow.

15 Min 

Daily

6/18/13 - AM Update

I adjusted the subwaves for the ED of C since the previous count had wave v larger then iii. So this could very well just be completing wave iii right now.

15 Min - 11:53 AM

Update 15 min view. The red triangle option is out. The next bear alternative is below. Wave C ending in an ED.

15 min - 10:08 AM

The blue and black option is setting up a triple nested 1-2 up, which would mean an explosion higher. Hmmm..

15 Min - 8:46 AM

The 3 min view.

3 Min - 8:14 AM

The red tri option is now an ascending tri unless wave A is taken out.

15 Min - 7:44 AM

The bears are about to lose the triangle option I have been presenting on the 15 min chart. Here is one more potential alternative to watch, otherwise, bulls may be set to launch here.

60 Min - 7:40 AM