Friday, May 18, 2012

5/18/12 - EOD Update

The bears are still in control. Its very possible though that we may see a bounce next week.


Minor 4 Flat Option
With today's intraday print of 1291.98, the Minor 4 flat option has now been ruled out plain and simple. That is objective EW there.

Intermediate C Option
The bears are fully in control at the moment and this count implies some more pain is to come for the markets.

Ultra Bull Option
The bulls are not completely dead yet.I presented this ultra bullish count option yesterday and stated it would take effect once 1292 was breached.

Note the touch of the lower channel and tag of 50% retracement. We'll see...

NYMO

This fractal/similarity has been playing out. Lets see if the deep NYMO print marks the completion of label 1 yellow just like 8/8 last year. If this is playing out the same way, the first bounce probably should be should.

Cup and Handle
Looks like the handle wanted to push lower. If this is playing out, this correlates well with the ultra bull count.

Have a nice weekend all.
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