3/10/15 - EOD Update

Looks like the bears are trying to make their case for wave C of (4). So far they have brought the market back down to the lower yellow trendline (daily) of the ED I have been highlighting and closed below the 50 DMA. Daily -ve MACD divergence in play as well.

The bulls shouldn't be counted out yet though since this could still be counted as a wave b of (iii) for the larger yellow ED. If this is the case, so far wave b of (iii) is approaching a 62% retracement of wave a.

However, I'd give the edge to the bears. We'll see if the 200 DMA is revisited soon.

60 Min

Daily

3/7/15 -

The market continues to chop in three wave structures. The potential ED I have highlighted on the daily chart for some time now must be considered as the market continues to chop higher.

The wave C of (4) option is not out yet either.

So if you believe in the ED, the 60 min chart below shows a 38% retracement for a wave b of (iii) for the ED highlighted on the daily chart.

If you believe wave C of (4) is underway, than Fri's sell off is a wave 3 of C.

60 Min 

Daily

3/4/15 - EOD Update

So far the market has either retraced 38.2% of wave iii (yellow) for wave iv (yellow) or 23.6% of the five wave structure (blue).

60 Min 

Daily

The 20 DMA was tagged and bounced so we'll see if the bulls are staging another move for the upper trendline (See chart below). 

Something to keep in mind is the daily MACD cross and negative divergence. A larger pullback as a result of this would mean that wave C of (4) may be in progress. 

Daily

3/4/15 - AM Update

6:34 AM - We'll see if the blue waves are finally complete. The yellow option still in play until wave i blue is taken out.

6:34 AM - 60 Min