8/11/14 - EOD Update

Let's see if tomorrow the market provides a buy-able dip to trade using the yellow count. Looking to buy at the wave b (yellow) low.

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8/11/14 AM Update -

[11:28 PM] - Looking good as a wave {iv so far.

11:28 PM

[6:56 AM] - The 1 min view if you need it.

6:56 AM

[6:41 AM] - So far only three waves on this bounce since last Thurs (8/7).

6:41 AM

Longer Term

I haven't posted my longer term charts in a while. However, given that we now have a pretty decent five wave structure down from all time highs, I figure it will be worth looking at what this could be the beginning of.

Based on my longer term charts, it is not the end of the world but we should take note of a more substantial move lower for a wave [4]. The broad target for this move would be anywhere from 1800-1650.

Being that these are longer term charts, we'll just have to monitor the wave patterns as they progress. Note on the daily, there is a bullish alternate that would allow wave [3] to extend higher so new highs would mean that option is most likely playing out.

8/8/14 - EOD Update

The market may now be setting up to backtest the 50 day SMA (currently at 1955). The 60 min chart below shows three options.

I like red the best, yellow 2nd (essentially means the same thing as red) and blue last (don't really like this at all but technically it is valid).

All three call for a bounce. So we'll see what happens next week.  A dip for wave b red would provide a very nice opportunity for a long trade with a stop below 1904.78.

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