8/8/14 - EOD Update

The market may now be setting up to backtest the 50 day SMA (currently at 1955). The 60 min chart below shows three options.

I like red the best, yellow 2nd (essentially means the same thing as red) and blue last (don't really like this at all but technically it is valid).

All three call for a bounce. So we'll see what happens next week.  A dip for wave b red would provide a very nice opportunity for a long trade with a stop below 1904.78.

5 Min 

60 Min 

8/8/14 - AM Update

[12:36 PM] - Update on yellow.

12:36 PM

[11:48 AM]- I removed the blue option and added the yellow. This is a viable count with a running flat for wave 4. If yellow is correct, there could be more to this bounce.

11:48 AM

[11:33 AM] - The wedge is out. Red looks great and blue questionable.

11:33 AM

[8:30 AM] - Keeping an eye on that wedge among other things.

8:30 AM

8/7/14 - EOD Update

The market indeed was attracted towards the 1900 level as suspected.

Short term bulls need to step in and bounce this. As you can see though per the red count, this would just be a wave c bounce for an expanded flat.

Two other options to consider are in blue,  the larger double zigzag and yellow,  which is isolated on the 60 min chart below.

5 Min

60 Min

8/6/14 - AM Update

[11:26 AM] - A triangle that I will be keeping an eye on, especially if the market wants to tag 1900 first before a bounce to the 50 day SMA.

11:26 AM

[10:27 AM] - We'll see if there is an abc bounce.

10:27 AM

[6:55 AM] - The bears put in that tad lower low I was anticipating. There are now five clear waves down.

Should be looking for a bounce to buy. + divergence on the 5 min

6:55 AM