Friday, 3 January 2014

1pm update - confusion in the minor waves

It remains a bit of a muted mess to end the week, with Dow/SP a touch higher, but with a weak Nasdaq - not helped with AAPL -1.7%. Metals are holding moderate gains, Gold +$12, whilst Oil remains very weak, -1.1%.


sp'60min


Summary

The break levels are pretty clear....

If >1839, throw out the the C wave idea, and just push higher across next week.
If <1829...a C wave down to 1815/10 early next Mon/Tuesday..before pushing higher later next week.
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The point should be clear...risk of minor downside, but broadly..we're still headed higher.

I have to say, its arguably crazy for anyone to be attempting to trade these tiny little down moves. So damn difficult to time, and there is always the threat of low vol' algo-bot upside melt.


UAL..continuing to climb...


Primary upside target is $48 - the old 2007 double top.