10 Sept 2015 - Techs Are Useless

Although in our field of work technical analysis is of out most importance, the same cannot be said for those out of the country call center tech support.  I have had to deal with computer and software issues all day and was not able to watch the market today, and thank goodness there wasn't anything major.  At the end of it all, I had to fix their problem and pay them to protect my computer.

After a whole day all I can see here is that we had a heck of a morning before the open with whipsaws abound.  Then when markets opened we whipsawed back up again.  Based on today's move up it looks to be a 3 wave pattern which suggest a corrective pattern and should resume downward.  The line in the sand for me is 1920.  This is also my Gann angle that has been acting as support the past weeks.

Don't discount this wedging formation as a possible continuation pattern.  The ST has still not turned down and prices ended the day in the positive.  if the intra-day goes into OS tomorrow, I would be looking for more acceleration downward.

SEN: Bearish
ST: UP
PA:  NA

All EW counts are still valid.  Lets keep an eye on it tomorrow to see if the situation changes.