11/24/13

(iii)=(i) at 1806. We'll see.

5 Min 

11/21/13 - EOD Update

Once again the market provided clues with the wedge pattern. This made for a nice long trade going into today.

I think I have a pretty good count on the 1 min squiggle. We must be mindful of the potential ED / wedge up top here.

This may provide another dip to buy for a trade should a right shoulder develop.

With the hourly MACD buy signal triggered, there is a decent possibility that a nested (1) - (2) , i -ii up was set up into the close. We'll see at the open tomorrow if this plays out.

I'll be looking for that right shoulder first should it come.

The bears do not have an impulsive wave count down so the best they have for now is a larger double zigzag down with today's bounce representing a larger x wave.

1 Min 

5 Min 

15 Min 

11/21/13 - AM Update

I believe this is a very legit squiggle count.

1 Min - 12:19 PM

Let's watch all of our wedges.

1 Min - 1200 PM

Keeping in mind this could just be a larger three wave structure A-B-C (in red).

1 Min - 10:59 AM

No triangle. Another buy the dip coming? Hourly MACD is about to cross up

15 Min - 10:06 AM

Triangle?

1 Min- 9:32 AM

Update

1 Min - 8:48 AM

The ED is out. Wave 5 of iii or c is extending.

1 Min - 7:47 AM

Updated 1min

1 min- 7:35 AM

Just wanted to get this 1 min chart out quickly.

1 min - 7:26 AM

Three waves up and just under the channel. Let's see if the bulls can make five. At this point the bears have a nested 1-2 i-ii down.

5 Min - 7:02 AM

11/20/13 - EOD Update

[Update 9:02 PM]

Here is another way to look at the count in light blue. There is room for c of y to head lower if the bounce at the end of the day is just a wave 4 of c.

Thank you to Marius and m for your comments.

5 Min - 9:02 PM

Earlier today I suggested that a w-x-y wave structure was playing out with wave x forming a triangle. On the flip side, a potential inv h/s was also something I was watching.

I also highlighted the time frame for the FOMC minutes, which the market reacted to on the money. Once the news was released, the market chose the w-x-y route.

As far as Fib extension ratios go, wave y is just a tad greater than wave w so it may technically be deemed complete.

I haven't had a chance to examine the subwaves for the ED below so we must also be cognizant of the more bearish count in purple.

If the w-x-y call is correct, the bulls should show up tomorrow. They better because, per the 15min chart below, the bulls have to make a stand not not lose the wave {i} high.

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15 Min