Wednesday, June 6, 2012

6/6/12 - EOD Update

The bulls recaptured the 200 day SMA. Its a start for them but they are by no means out of the woods yet.
The 15 min alternate count I've been presented took center stage today with the break above 1298.90.

This bounce may be sharper then most bears are expecting and perhaps this could be gunning for a backtest of the 50 day SMA. The market closed just under the 20 day today.

5 Min
Note the green and red options again. Per the green, the larger degree five waves may be wrapping up if not it is only wrapping up wave 3.
15 Min
A possible h/s target above near the 50 day SMA.
The bears need to hang on to 1357.38 or its game over for them for a bit.

The bulls have a very constructive start, but lets keep an eye on the potential ED forming here. The ED is ruled out if the market rallies over 1334.93.

A follow through on the divergence so far. Daily MACD is about to bull cross and price is about to break out of a bullish falling wedge. We shall see...
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