8/8/14 - AM Update

[12:36 PM] - Update on yellow.

12:36 PM

[11:48 AM]- I removed the blue option and added the yellow. This is a viable count with a running flat for wave 4. If yellow is correct, there could be more to this bounce.

11:48 AM

[11:33 AM] - The wedge is out. Red looks great and blue questionable.

11:33 AM

[8:30 AM] - Keeping an eye on that wedge among other things.

8:30 AM

8/7/14 - EOD Update

The market indeed was attracted towards the 1900 level as suspected.

Short term bulls need to step in and bounce this. As you can see though per the red count, this would just be a wave c bounce for an expanded flat.

Two other options to consider are in blue,  the larger double zigzag and yellow,  which is isolated on the 60 min chart below.

5 Min

60 Min

8/6/14 - AM Update

[11:26 AM] - A triangle that I will be keeping an eye on, especially if the market wants to tag 1900 first before a bounce to the 50 day SMA.

11:26 AM

[10:27 AM] - We'll see if there is an abc bounce.

10:27 AM

[6:55 AM] - The bears put in that tad lower low I was anticipating. There are now five clear waves down.

Should be looking for a bounce to buy. + divergence on the 5 min

6:55 AM

8/5/14 - EOD Update

This is the best bear wave structure in a while so we'll see if they dip just a tad lower to complete five waves. It is possible that 1900 may be acting as a magnet so I wouldn't be surprised if for some reason wave v of 5 extends to that area.

Either way, once five waves are complete, we should look for an a-b-c corrective bounce to a proper Fib level (maybe backtest the 50 day SMA). This would be a good area to play a short for at least one more leg down.

The near term alternate is in yellow.

5 Min 

Daily