Sunday, June 10, 2012

Weekend Update

Looks like both bear and bull count options are pointing to more upside. There is a possiblity that wave ii/b is not complete so there may be one more little dip but overall, the 1350s may be a target over the next several days.
BULL 
Some Fib extension and head and shoulders targets.

BEAR
Per this count above, 1357 must hold, if not, the next best bear alternate is that five waves down from 4/2-6/4 completed and the bounce is a wave B/2 up with much higher targets not to exceed 1422.

If 1422 is exceeded, the bear count is out.

50/200 DAY SMA
The 50 day SMA looks like a good target to backtest. The daily MACD bull cross has been confirmed.

It is not posted but the upper BB is near 1350 as well.
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