Monday, May 14, 2012

5/14/12 - EOD Update

SPX - 10 Min 
Was looking for five waves down and so far the market has provided that. The question now is how does this fit in the bigger picture.

BEAR
If you are a believer of this count, then another gap and go selling should occur tomorrow. However, the alternate is that wave 1 just completed today and a wave 2 bounce should be expected.

Minor 4 Flat
This count certainly may have wave C complete now, however, I can easily see a Ending diagonal play out if the market struggles here to find a bottom.

Obviously the bears are in control here so the bulls better show up if they want to save 1292.
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