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.

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