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Monday, August 31, 2015
8/31/15 - EOD Update
As I posted this AM, the triangle is still not technically out, but as I posted earlier, I'd like to see wave -iv taken out so I can buy something.
Trying to retest the death cross.
Still early in the week but a potential weekly hammer candlestick waiting to be confirmed.
8/31/15 - AM Update
The triangle is technically not out yet until the currently labeled wave -iv is taken out. So far, backtesting the lower TL of the original triangle.
I'd like to see -iv taken out to buy something.
I'd like to see -iv taken out to buy something.
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| 7:47 AM - 5 Min |
Sunday, August 30, 2015
8/30/15
On Fri, I tweeted that a potential triangle could be forming
I will be looking to buy the dip tomorrow if the top of wave 'a' is not breached on my 5 min chart. If wave a is breached, I will look at the structure for this pullback for guidance along with the Fib retracement levels to determine if I go long for a trade. It can always turn into a triple bottom.
So first things first. Lets see if the top of wave 'a' holds. If not, I'll reassess and see what type of wave action we have down to the typical 50-62% Fib retrace levels.
So far an 'a-b-c' down off the all time high.
Hmm. Actually can see. Potential tri forming in my 5min chart. Will post later
— Grand (@grand680) August 28, 2015
However, with futures action tonight down ~24 points (ES), its obvious that five waves have actually completed, which is what I was looking for.I will be looking to buy the dip tomorrow if the top of wave 'a' is not breached on my 5 min chart. If wave a is breached, I will look at the structure for this pullback for guidance along with the Fib retracement levels to determine if I go long for a trade. It can always turn into a triple bottom.
So first things first. Lets see if the top of wave 'a' holds. If not, I'll reassess and see what type of wave action we have down to the typical 50-62% Fib retrace levels.
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Thursday, August 27, 2015
8/27/15 - EOD Update
Can the market rally to new ATHs from here? We'll see. The bulls have their work cut out for them at the moment.
The 5 min chart highlights a double bottom target at 2040. If the market can hit this level, this would back test the lower end of the range of the 5 month range.
This would also put the market near the underside of that longer term trendline on the daily chart.
Lastly, the SPX is in the midst of a death cross (50 < 200 MA). Both are currently at the double bottom target location as well.
So far this bounce is nice but I would treat it cautiously because there is a good chance this could just be a wave (b) bounce of (4).
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