Stock-Market-Observations

02/05/14 . . .  by Bob Karrow

WAVE COUNTS

• If you aren’t familiar with my unorthodox wave counting method, there is a simple explanation at the beginning of the glossary. The glossary also contains other details that don’t appear in the blog.

• Wave Counting & Concept Glossary

TWEETS

• My tweets are like a frequent two line blog accompanied by charts.

• My Tweets

BLOG

• My blog is published irregularly.  The best way to keep updated on what I’m thinking is through my tweets.

• My Blog

MY CHARTS

• My Charts

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• I tweeted late last night:
• Bob Karrow ‏@BobsWaveCounts  13h
• I’m watching tonight’s decline to see if we can get another bottom in the area of yesterday’s low point.

• This morning I tweeted:
• Bob Karrow ‏@BobsWaveCounts  12m
• Looks like we have the bottom that I tweeted about last night. Now we’ll see if we can get a few days of rally.

The market might take stabs #4 and #5 at the bottom before rallying, or it could always breakdown again.  You never know for certain as the only confirmation is when you see higher highs on the chart.  That’s what I’m watching for on the chart.

At best I think this is “could” be a tradable rally, but not “the” bottom.  “The” bottom probably won’t arrive for quite some time.

The following chart is the SP 500 futures showing the last few days of trading.

02-05-14 ES 10 MINUTE

And the Dow Jones Industrial futures trading over the same time span.

02-015-14 YM 10 MINUTE

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• Click on any image to enlarge it

• ES is SP 500 futures
• YM is DJ Industrial futures
• NQ is NASDAQ Composite futures

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This entry was posted on February 5, 2014 at 9:31 AM and is filed under UPDATE. You can subscribe via RSS 2.0 feed to this post's comments. You can comment below, or link to this permanent URL from your own site.