Thursday, July 1, 2010

[10:25 AM UPDATE]



It goes without saying that things look very bearish. I updated the count on my preferred bear count. We are in a subminuette iii of minuette (i) of minute [iii]. 

I have been saying for some time now that I have been keeping an eye on the death cross since any bearish bias since last July was met with extreme bullishness. See this post on that

One thing to note short/medium term is the possible positive divergence that may occur with the MACD. If so, it would fit well with a bounce back towards the 50/200 cross in a backtest. 

I still have not gotten around to providing a bullish count. Either way the one I have in mind implies one possible bounce towards the 50/200 and a final sell off lower into the 900s.
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