12/3/13 - EOD Update

As I mentioned yesterday, the bears had a decent setup. Now the bulls need to step in if they want to prevent the creation of a five wave impulse down.

Bears are working on wave iv up before wave v down commences. If this occurs, this will be the cleanest impulse wave down I've seen in a while. The bears need to defend the wave i low.

If the bears get their way, they are setting up a larger H/S pattern that may target approximately 1730.

5 Min 

5 Min 

60 Min 

12/3/13 - AM Update

Looks like a good ED for wave 5 of iii. Let's see if there is a wave iv or a new rally. Bears just have to defend the wave i low.

5 Min - 11:47 AM

Keep an eye on that falling wedge.

5 Mi n- 11:08 AM

Target for wave iv. 20 day SMA at 1786 now.

5 Min - 9:45 AM

60 Min - 9:45 AM

Daily - 9:45 AM

H/S target met and very clear five waves complete for wave iii. Let's see if a bounce comes and how high. This is all occurring near the 20 day SMA as well.

5 Min - 9:05 AM

Still a battle here between the bulls and da bears. Wave iv with a tiny throw-under for that potential ED.

60 Min - 7:15 AM

The H/S looks good. Either wave iii is complete or just wave 3 of iii.

5 Min - 6:45 AM

12/2/13 - EOD Update

The bears have a decent setup for the first time in a while. A bearish head and shoulders pattern targets 1791 below.

However, so far, there are only three waves down at the moment and the 60 min chart below may present a case for one more push to new highs to complete what could be an ending diagonal.

5 Min

60 Min 

Daily

12/2/13 - AM Update

We'll see if the bulls step in.

60 Min - 12:49 PM

Don't these look similar?

60 Min - 12:40 PM

Lower TL hit.

60 Min - 12:36 PM

Forgot to mention that this could just be a descending triangle. We'll see.

15 Min - 12:19 PM

Hmm. Do the bears show up on the next bounce?

5 Min - 10:36 AM

Going as planned. Some retracement levels.

5 Min - 8:58 AM

Possible five waves down.

5 Min - 6:56 AM