Tuesday, July 10, 2012

7/10/12 - EOD Update

The market closed slightly below the 20 day SMA and put in what now looks like five waves down on the 5 min and 60 min timeframes. I still find it a little suspect and can argue a wxy count (as shown below) so we'll just have to see what plays out at the higher degree.

The burden is on the bears right now to reclaim 1375 and invalidate the near term bear count.

5 Min 
A very good chance black and red are complete so a proper Fib bounce at minimum may be expected.

Unfortunately either five waves down or wave iv completed, which would imply a bounce is to come. Would make sense here at the 20 day, however, we have seen the market slice through that many other times. We'll see how the bounce goes.

A few options on the bulls side here but at the end of the day, it is all choppy.
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