10/3/13 - AM Update

Trade this dip?

1 Min - 11:23 AM

The green option has been eliminated. Purple has been adjusted. The bulls so far have held up the blue TL (see daily below).

15 Min - 10:28 AM

Some adjustments to black and purple. Will the  bulls support a double bottom or does the floor drop. If it does, the bulls better support the 1665 level at the blue trend line (see daily chart below).

15 Min - 7:52 AM

Daily - 7:52 AM

There's that chop again. So unless this breaks down, I'd keep an eye on the purple triangle.

15 Min - 6:52 AM

10/2/14 - EOD Update

Looks like some chop is going on down below here. This could very well be forming a triangle for a potential wave (x) for the purple option.

The black option from yesterday was invalidated with the iv - i overlap so the best case now is a nested 1-2 up.

The red option remains in a potential nested 1-2 down.

I'd keep my eye on the purple option if the market continues to chop around. So far its a 2 of the three options posted here are looking for some more downside.

15 Min 

10/1/13 - EOD Update

The decline since the 9/18 high is best counted as a corrective wave. The bounce off yesterday's low is looking like it will be a five wave impulse wave up.


The last bearish option is a nested 1-2. It will be invalidate if the market takes out the red horizontal line.

15 Min 

Daily

This is a daily view of the weekly chart I have posted highlighting a large extended wave off the 2009 lows.

Since October 2011, the wave could be counted as a 13-wave extension (in red). This could end as an ending diagonal or extend by a few more waves via the black options.

10/1/13 - AM Update

I cleaned up the options based on what the market has given us which is now represented in green and red. The bearish option (red) is out if the market pushes over 1702.

10 Min - 9:55 AM

The last time I posted this 60 min chart was on 9/21 . Let's take a look at it again.

If the market is not in a wave (iii) bounce, one other option to look at is an ending diagonal, with today's bounce being the start of wave 5.

60 Min - 8:47 AM

Yesterday I mentioned there was a case for the bulls and that I wouldn't explore an option until they broke thru the blue TL. So far the bulls have ignored the government shutdown and have broken thru the TL following the bullish daily hammer candlestick.

I have adjusted the black option but it is in danger of being eliminated if wave (iv) overlaps into wave (i), which it's pretty close to doing.

10 Min - 7:54 AM