Wednesday, May 21, 2014

Market Timing Update (5/21/14)

SP500 made another attempt at breaking above the resistance zone, but price actions look tired. Let's see if the index can gap above resistance overnight. See chart.
The lower row of brackets shows potentially continued sideways actions if the larger symmetry plays out.
At the same time, a potential bearish head-and-shoulders pattern is developing. See the upper row of brackets.
Bullish tracking count (green) - (b)-down will eventually end or is already complete.
Bearish tracking count (red) - an ABC wave [ii]-up rebound is ending or is already complete.

[725am] ES Update-
FOMC minutes at 2pm.