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| Daily |
Monday, December 23, 2013
12/23/13 - AM Update
Been on vacation and will be out until the new year. In my last post, I mentioned that (5) = (1) at 1871 and .618*(1) at 1831. So far it has hit close to 1831. We'll see how this all plays out.
Wednesday, December 18, 2013
12/18/13 - EOD Update
The market likes the taper news. After making one more touch on the lower TL of the wedge, the market reversed course quickly.
We'll see how high this goes if it is following the blue count. (5) = (1) at 1871 and .618*(1) at 1831.
One more stab at the upper in of the range.
We'll see how high this goes if it is following the blue count. (5) = (1) at 1871 and .618*(1) at 1831.
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| 60 Min |
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| 15 Min |
One more stab at the upper in of the range.
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| Daily |
Monday, December 16, 2013
12/16/13 - EOD Update
Finally got that bounce I was looking for. Some uncertainty going into the FOMC mtg minutes.
Both bear and bull counts are in play so unfortunately it can go either way.
One thing I notice is the 60 min chart somehow reminds me of a topping pattern we have seen in the past, which was mistaken for a consolidation pattern only to fail.
As I posted near the beginning of the month, we should watch the range and stay nimble. Three touches at the bottom so far. Two at the top. Will there be a third? Not if the bears can help it. We'll see.
Both bear and bull counts are in play so unfortunately it can go either way.
One thing I notice is the 60 min chart somehow reminds me of a topping pattern we have seen in the past, which was mistaken for a consolidation pattern only to fail.
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| 5 min |
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| 15 Min |
As I posted near the beginning of the month, we should watch the range and stay nimble. Three touches at the bottom so far. Two at the top. Will there be a third? Not if the bears can help it. We'll see.
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| 60 Min |
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