24 Dec 2015 - Christmas Re-Eve-Iw

Nothing much to talk about the past few days other than the ST has shifted to an UP position yesterday.  I was a bit busy, so I was not able to post yesterday.  Today, there isn't really much to report either on the market as it is still in an upward trend with an intra-day that is OB.  Neither one of the past 3 swing moves have provided any clue as to the possible pattern forming as all 3 swings have been impulsive in nature.

The weekly chart is sporting a positive bar that contradicts last weeks bearish candle bar, but this time frame is still in a bearish course.  The weekly support if we fall back below 2040 is near the 1900 level.

EW patterns available here are;

Wave i-ii (From Sept Bottom)

Wave C (Still Forming with a possible LL target below Aug. lows with an extended price target of 1800)

Wave - c (Of a sideways Triangle forming an a-b-c-d-e to complete a 4th wave) This option could form for a few weeks or months before any breakout occurs.

A wave iii down is not out of the question since our sentiments are still bearish and patterns could allow for such a count, but with the ST staying in an upward direction, this count will have to wait a bit longer to confirm.  This pattern though should be taken seriously due to its accelerative tendencies.

SEN: Bearish
ST: UP (Dec 23rd)
PA:  UP (Dec 23rd)

SENTIMENT UPDATE: