6/18/14

The bulls and bears are still trying to figure this out. The best options I'm tracking.

Near term staying flexible within this 25 point range between 1950-1925.

Bull Count

 The option in yellow allows for a pullback near 1900 but a higher high would be expected afterwards.

ED

The ED option is still not out unless a new high is made above 1965.19. This is where wave v of 5 is greater than wave iii of 5, which is a rule violation for EDs. 

Triangle

The triangle, if correct, shows there is potentially more to go before the leg is complete. 

6/16/14

The bulls are struggling to recapture the upper yellow trendline. Now there is a daily MACD cross down. I think the edge goes to the bears here since there are 2 of 3 count options favoring some downside. As always we'll see.

6/13/14 - EOD Update

The bull options:

1. A wave iii of 5 launches early next week, assuming wave ii of 5 is complete.
2. A wave iv of a larger ED challenges the lower yellow trendline first before launching higher.

The bear option:

The ED is complete and the market should flush early next week.

6/13/14

Bears captured the first trendline. Can they reject price on the backtest?

The bulls still have two options. A wave i of 5 or a wave iii of a larger ED.