Monday, March 5, 2012

3/5/12 - EOD Update

The bear count is still intact but the bulls are surely putting up a fight. The burden remains on the bulls to make a new high but they are certainly starting to build a case for it. See below.

SPX -10 Min Bear
The bears need to defend 1366.42 or there will be yet another 4-1 overlap. That would result in a quadruple nested 1-2 down for the bears, which I'm not sure of from a probability standpoint, at least at this juncture.

The bears need to start their wave 3 of 3 of 3 going here tomorrow or the bulls are setting up to threaten them once again.
SPX - 10 Min Bull
This is looking like a pretty good completed correction.

RUT
The RUT looks like it may be supporting the SPX 10 Min Bull count. We'll see in the next day or two.
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