Tuesday, March 20, 2012

3/20/21 - EOD Update

Happy Spring! Lets see if the bears can come out of hibernation here.

If I were a bear, I would hope that a lower low will be put in tomorrow if a bearish count is to gain some traction.

The 3min chart below highlights a possible five wave move off the day's low so in order to invalidate this, the bears need to make a lower low real soon.

SPX - 3 Min 
Is this the start of a new five wave structure up or just a deceiving bearish pennant representing a wave 2/b bounce? Overall pattern-wise this looks like a bear flag/pennant, so one would expect at least another leg down in a wave c at minimum. So lets see if the bears can push for a lower low.

SPX - 30 Min
Note the 2 alternate options there and the Fib extension targets for 3/c red.

SPX- McClellan Oscillator
Lots of -ve divergence here.

BAC looks like it may be working on wave 4 blue.
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