Friday, May 11, 2012

5/11/12 - EOD Update

What a boring day today. Nothing has really changed from yesterday's EOD Update. However, the bears are building their case here and next week may see a big move in a 3 of 3 down if the bulls do not step in.

A weekly MACD bear crossed was confirmed with this red week and price remains below several key MAs.

There may be a gap and go red day starting Monday if this count is set to go.

Minor 4 Flat
However, until 1343 is taken out, the bulls still have a count that may save them.

10 Min
Once again, the move off the the 5/1 high may still be working on five waves down.

If your following the bear count, that would represent wave 1 and if following the flat it may represent the end of wave C of the flat.

This may be implying that one more wave time may be in store only to complete an extended wave down. Whether that is wave 1 of the bear count or wave C of the flat count remains to be seen.

Daily Bollinger Bands
Its very possible a 'W' bottom may be developing here, if so, a test of the 20 day SMA should be next up if this is playing out.
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