8/30/13 - EOD Update

So long August. Hello Sept.

Daily and weekly negative MACD divergence in play. So with that, the bearish red and purple options are my top choices right now.


However, something I'll be watching is the potential for the purple wedgish pattern developing.
If the market is set to bounce, now would be a good time at the trendline connecting the 11/16/12 - 6/24/13 lows.

60 Min 

8/29/13 - AM Update

All goes as planned. Watching the red option and so far (c) purple = (a) purple. If it extends 1.618 times, it should hit near the upper trend channel.

60 Min  - 7:48 AM

8/28/13 - EOD Update

The red option is still looking good and on track. The market has formed a + divergence on the hourly, which would line up with the expected wave 2 bounce.

Still watching purple and a distant green.

60 Min 

8/27/13 - EOD Update

As I posted Monday, the red option is right on track and it appears that wave v of 1 is nearly complete. Still unsure if it will throw-under the lower channel but a bounce for wave 2 should be coming up.

In the AM Update, I mentioned that this is the first time in a while the bears have been able to print a clear five wave move down at a much larger wave degree. Lets see if they can follow through with this.

I introduced the purple option yesterday and it is more bearish so we should keep an eye for another potential flush below the blue trend line if this option is in play.

The green option is in last place here but we'll keep an eye on it too in the event that this was just a mere double zigazag.

60 Min