Thursday, June 7, 2012

6/7/12 - EOD Update

The market may have just completed five waves up off the 6/4 low. The alternate is that there may be one more lil push up to complete 5.

What those five waves represent depend upon which count one is tracking.

Keep an eye on the inverted head and shoulders pattern that may be playing out as well on the 15 min chart below.

If wave 1 is complete, 2 is in progress. It is possible 2 could be complete at 23.6% retracement as well.

I think the 1305-1297 zone make for a better retracement as it would also backtest the 5/1-5/29 TL.

Per the bear count, wave a of [4] either completed today or will shortly tomorrow. Wave b began today and  just as wave 2 per the bull is complete, wave b could also be deemed complete.

15 Min Alt

We'll see tomorrow.

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