6/27/12 - EOD Update

[4:45 PM Update]

3 Min

Here's a squiggle count to support both the green and red options below. 1320 will be key.


EOD Update

The bulls managed to stand their ground a little. As to be expected this bounce could be a challenge of the 50 day SMA, which is currently at 1341.

This bounce so far counts better as a complex corrective, however a case can be made for a very nested 1-2 up. So long as price remains below the 50 day, I shall favor the bear count.

Bear

Head and shoulders still playing out

Bull

The bulls are trying to wrap up wave A.