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.

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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