Indicated on the chart below is the entry and exits taken on this trade (down arrow with small horizontal lines). The ellipses on the 3/10 oscillator highlight patterns to look for as entry potential. The first ellipse shows how the fast line falls under the slow line and corrects into it at the highs of the day, leading to a correction off of the trendline on a momentum divergence. 
Also highlighted on this chart is a bullish Wolfe Wave setup that occurred. Unfortunately, when I put my order in to go long price ran away from me. The buy divergence lent confidence to the entry, while vwap gave some confidence for the target line.
The chart below has horizontal lines indicating the previous day's Open/High/Low/Close.
It's also interesting to observe how much price has moved in these last three days. Key in on the 78.6% retracement zone.
On the 15-min chart we closed above our bullishly oriented Moving Averages (though if you use Simple Moving Averages price is wedged between the two MA's, so whatever). Price has retraced over 38% from our lows by today's close. Perhaps Monday we'll see a gap or move up to test the $110 price, being that we spent so much time around it today and Wednesday.
The weekly is interesting; showing those momentum divergences since March. March through July gave two divergent impulse pushes following a small window of downside momentum (which only amounted to a 7% correction). From mid-July to the end of this week, we have had two similar (and smaller still) divergent impulse pushes, and while price closed at it's highest price since October '08 it has barely any momentum left in it. Either we get more impulse up or correct another 7%, but something's got to give.
The morning sell-off put in a higher low, while momentum registered a lower low, so I was looking for a "Slingshot" setup.
The green arrow is where I considered buying (close above the 20-EMA). I didn't buy here because, well I guess I'm a dope. The stop would have been either below the lows of the day, or perhaps a bit higher. Either way, it would have given us a Risk:Reward of 2R.
The Weekly is sporting three consecutive NR7 bars with the slightest of bearish momentum divergence.
So, price gaped up to previous highs (corresponding with my resistance pivot and retraced back towards the 20-ema before heading higher on the day. Some things to notice in the following 5-min chart include:
The momentum shift I just mentioned using the 3/10 macd could also have been witnessed in the TICK behavior. In the chart below we see how the zero line was acting as support along the highs of the day, but once price closed under it's 20-ema the zero-line was now acting as resistance. Also worth noting during the early hours how steep the pullbacks in TICK were. Typically on solid trend days you'll see TICK pull back to the zer0-line on corrective moves, not all the way down to -600 and a nearly -800 reading.
Well, the sell-off brought price back down to previous "single print" levels.
OK, this rally has reached an apex, right?! There's zero upside momentum left on the daily.
So far the weekly 38.2% Fib. retracement level has held as resistance. A gap-fill and 50% retracement would be the ultimate victory in the next few months though.
The 60-min chart looks like it may be setting up for another momentum push higher
We gaped down this morning, but as price was testing the lows TICK wasn't overly bearish. We filled the gap, put in a higher low while the TICK put in a lower low, giving us a bullish divergence. We did chop around the previous day's close before continuing higher. Each TICK back to negative territory was a good opportunity to buy the dips.
We based around the highs before breaking down. Again, price tested the selloff-lows on a higher TICK, taking us higher into the close.
Here's the 5-min chart. First, the Support (green horizontal line) & Resistance (red horizontal line) envelopes. Price touched our Support line, but the following 20-minutes following the opening low couldn't test that level again. We can see also how the ensuing highs through the day were showing a bearish momentum divergence. The correction off of the highs (nervous selling) put in an ever so slightly lower momentum reading, giving us a subtle slingshot setup long. Finally, we can see the bullish momentum divergence on the lows around 3:30 p.m. I'm not sure whether the last 10-minutes was a short-squeeze or aggressive buying.
Meanwhile:
Today I owned RIMM. I mentioned yesterday being on the look-out for a long setup above $77. $77 was blown through early and continued on until it flagged at my resistance envelope line. Price ran to an even $80, touching a previous support level on the higher time frame.
The highs were met on a decaying momentum divergence, also a Head & Shoulders setup. The retracement out of the H&S breakdown found support at a 50% Fib. retracement (not shown).
This morning's gap-down was quickly bought, and the strategy I mentioned a while back for buying a return to the previous close was in play for a scalp. I've been forgetting to mention this technique, but that's not to say I have scrapped the setup.
Something else I wanted to mention was incorporating Buy/Sell Envelopes on some of my charts (select issues I watch with frequency). They're very similar to pivot points, and they're adapted from the Taylor Trading Technique.
On the chart above, notice the "Slingshot" setup. Price put in a higher low, while the momentum indicator put in a lower low, giving you a buying opportunity that has three criteria; Pivot Support, a Slingshot setup, and a bullish engulfing candle closing right on top of the 20-EMA.
As much as I hate to admit it (hate to admit it out of my own inadequacy, not because I think E-W theory is bupkis), keeping track of possible Elliott wave counts can prepare you for a corrective move/wave ahead, and remind you to watch price and momentum for a turn up (in this case in an ABC correction).
So, not only did we have that confluence of resistance, we also had a "Slingshot" setup taking place on the 30-min chart (can also be seen on the 15-min chart). Notice, momentum registers a higher high while price puts in a lower swing high, leading to a slignshot in price, also giving us the "B" in our ABC corrective wave.
Tomorrow should be a telling day in terms of where we go from here and if people start buying this dip, take profits in their positions, or start to short with an eye on 880 in the S&P.
Nothing too bearish looking in the S&P500 chart
Ditto for the Dow
And the Russell2000 has been on fire (we are currently in a purely speculative environment after all).
Treasuries fell out of bed this week
Gold corrected today, to end the week down, giving the chart some dark-cloud cover
The Dollar rallied these past three days, ending the week green. Perhaps a rally in the cards? There's a confluence of moving averages clustering around each other, while price put in a slightly higher low and momentum put in a lower low, which has good potential for a "Slingshot" setup.
Should the Dollar rally from here it could portend a correction in Oil, as it ended it's 3rd consecutive up-week, while printing a spinning top/doji star.
The neckline was broken at the start of May and a measured move could give a price projection in the $44-range (which coincides with the 200-MA area and a resistance level).
As our beloved rally has relentlessly climbed, SRS seems to have frustrated holders into giving up on catching this falling knife. We can see that price seems to have stabilized after losing over 70% of it's value since March.
Looks like a double-bottom recently. While the most recent test of the lows was on lower momentum, leading to a "Slingshot" setup.
The momentum oscillator gave us a nice entry at the top of this move (red vertical line). I changed my 3/10 macd to color-code the slow-line so that when it is increasing it is colored green and when decreasing it stays magenta (I had it red, but it stands out better this way). This way it's easier for me to trade based on setups previously outlined.
Watching the 15-min chart we had a number of divergences. From the opening move there showed a bearish divergence between today's high momentum reading and yesterday's. We had a "Slingshot" setup; a divergence where price puts in a higher low on a lower low in momentum. The upside play didn't result in that big of a move (about $0.40), but it played out nonetheless. Afterwards, a bullish momentum divergence set up late in the afternoon, giving us a move back up to the 20-EMA. I'm currently debating moving over to a 10-min chart instead of the 15 for my three-screen setup, just not sure yet.
The 30-min chart shows an interesting breakdown in momentum starting today. These higher price highs have come about on lower momentum highs. Also, as the momentum lows have been steadily shallower the triangle that this combination has formed (lower highs, higher lows) broke down today. I really am trying to stay impartial and just offer up what I see and any clues that the tape may be offering up. 
