Thursday, May 31, 2012

5/31/12 - EOD Update

10:10 PM Update

EOD Update

The market drops and then it rallies. It certainly can't make up its mind at the moment.

Pattern-wise it does look like a bear flag on the hourly but shorter term, there is an argument for a double bottom.

3 min
The rally off the low either represents a wave ii of 5 per the bear count below or is working on new highs per the bull count.

15 min
The 15 min chart is an in-between alternate that also fits for both the 60 min bear and bull count. This would represent a flat for wave 4 per those counts. So shorter term, 1330 may be challenged if this count proves to be correct.

60 Min Bear
Primary for this count is a wave iii of 5 down begins tomorrow. Targets for wave 5 are 1290 - 1260.
60 Min Bull
Unless wave 5 blue is not complete, this is working towards challenging the April high.
Uber Bear
I introduced this count intraday in the CiL. Something to keep in mind.

Ultra Bull
Of course there has to be an ultrabull to answer that uber bear count. Note the level that needs to be clear to give this count some validity.

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