Thursday, June 14, 2012

6/14/12 - EOD Update

The price pattern certainly resembles a triangle especially with all the 3 wave structures.

The 10 min chart below highlights several options and certainly does not provide clarity as to which way the market is going to break first.

My gut says this will break up for at least one more stab at the 50 day SMA near 1349.

10 Min 
Green is looking for a break higher. Blue is looking for a dip to 1307 first before heading higher and pink I'm not thoroughly convinced works but is looking for something similar.
Though I do not have it listed as an option, but the bear count may have five waves down as an option and the bounce so far is working on a larger zigzag higher.


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