9/30/15 - EOD Update

Step one for the bulls was to invalidate the wave 4 count. The bears' primary count is the a-b-c bounce that is underway. Fib targets are on the chart and the 20 day SMA targets approximately 1945.

The alternate bear count is the nested 1-2 i-ii down. The invalidation point is at the yellow horizontal line (1952.89).

The bull option is a third wave up in progress, similar to the bear wave c.

5 Min 

Note on the 60 min chart below, we have three waves up since the 8/25 low. This was followed by either a five wave move (if following the red count on the 5 min chart above) or another possible three wave move if following the blue count.

If it is another three wave move off the 9/17 high, a larger flat may be in play for wave iv on the 60 min chart below.

60 Min 

9/30/15 - AM Update

[6:43 AM] - There is the bounce to invalidate the blue count from last night's post. The red count is the primary with the added alternate as mentioned last night.

That alternate is now the new blue count, a nested 1-2.

20 day SMA at 1945 right now.

5 Min 

9/29/15 - EOD Update

Two counts near term. Possible double bottom if the red count is complete.

The blue count has a clear invalidation point, which is above the red horizontal line at 1908.92.

A third alternative, which I won't label unless 1908.92 is taken out, would be a bearish nested 1-2 i-ii down.

5 Min 

9/28/15 - EOD Update

The bears came out to play today and started wave iii of v. Wave iii = i at 1840.  1860 would make a double bottom with five completed waves.

Of course1820 can easily be a target down here as well. Well see.

60 Min