Monday, June 11, 2012

6/11/12 - EOD Update

The bears were able to reverse the Spain bank rescue and close it below the 20 day SMA.

Pattern-wise looks like a potential rectangle that is chopping up and down in a three-wave pattern, which would be considered a bullish consolidation.

Anything goes this week due to OPEX.

10 Min 
The green option says a gap and go up is coming once the wave 2 pullback is complete. The red option implies the same thing.

Note on the bull chart below the consolidation here has now formed the right shoulder of a head and shoulders bottom so something else to keep in mind.

Bear

Bull

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