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Saturday, February 7, 2015

Saturday, 2/7/15 update

The triangle possibility for the ES/SPX is still in play.  Friday's ES high at 2068.00 is within spitting distance of December's ATH at 2088.75.  If the ES motors up through that ATH then the triangle count (alternate #1) is validated and an intermediate term change in trend from bull to bear is still in the wings.  However, if Friday afternoon's selling resumes next week and the ES drops decisively below last Monday's low print of 1973.75 (alternate #2) then it's pretty certain that an intermediate term bear trend off the December ATH is underway.

Alternate #1

 Alternate #2

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