3/31/15 - EOD Update

As I posted yesterday I gave the bears the slight edge and wrote about the possibility of testing or breaking below the 3/26 low if the pullback dips back into wave a.

The market did just that and now ES has that happening. We shall see if cash follows tomorrow.

The 60 min chart below shows some targets for wave c should it follow thru below the 3/26 low.  The 200 DMA is near 2012 currently so that may be the logical target.

Let us not forget about that large ED I have been tracking for some time now. That lower trendline is being tested.

5 Min 

60 Min 

Daily

ES

Testing the 3/26 low.

3/31/15 - AM Update

[6:16 AM Update] - Looks like wave iv in progress as suggested yesterday for ES. However, keep in mind the line in the sand (red horizontal) for the iv-i violation.

6:16 AM - ES - 60 Min 

3/30/15 - EOD Update

Wave c hit 62% retracement. Looks like there are five complete waves for wave c as well.

The bulls need to defend the wave 'a' high, which would represent wave i, and print five waves off the 3/26 low in order to form a larger degree five wave structure. So if the bull count is working, we should see a lil dip here coming to form what should be a wave iv.

But again, if it dips back into wave 'a' as labeled on the 5 min chart below, then chances are a test and/or break of the 3/26 low should be coming.

At this point, I give the bears a slight edge since I do not count a clean five wave structure off the 3/11 low thru the 3/23 high.

5 Min 

60 Min 

Based on the 60 min chart above

3/30/15 - AM Update

[7:04 AM] - There's that wave c bounce.

7:04 AM - 5 Min