6/17/13 - EOD Update

The market continues to swing wildly. The Blue and Black options are on the same page at the moment. The Red option is still trying to complete the triangle.

At this point in time, the market is trying to figure out its next big move. It really can go either way at the moment. The move may be pretty big either way.

If the bulls win, they have a nested 1-2 i-ii to explode to the upside. However, if the bears have any say, they may thrust down out of that tri once it is complete. Best to stay nimble and just trade the triangle trendline in a breakout is identified.

15 Min 

Daily

The bulls cleared the 20 day momentarily but could not close above it.

6/17/13- AM Update

Good start for the bulls. Recaptured the 20 day SMA. Will it hold?

 However, we must keep the red option in mind. I adjusted the height of wave C. This option will be out if red A is exceeded.

15 Min - 8:08 AM

6/14/13 - EOD Update

After poking a little higher at the open, the market pulled back into a falling wedge pattern. This may have completed wave ii before it broke out of the wedge. 

However, the market did not rebound sharply so there is still room for more downside to complete wave ii.

The market also remains below the 20 day SMA after its second attempt. Should the market continue to chop around below the 20 day SMA, I have introduced a new red option that finds the market potentially triangulating. If this option proves to be correct, we should prepare for some more downside that may challenge the 1550s.

Happy Father's Day to all you Dads!

15 Min 

6/14/13 - AM Update

An option to be aware of if it continues to consolidate in the TLs.

60 Min - 8:12 AM

The market reversed after closing the gap from 6/10.

This is the potential expanded flat I just tweeted. We'll see.

15 Min - 8:02 AM