Friday, July 13, 2012

7/13/12 - EOD Update

The bulls surely stepped in today on bank rally. However, the burden is still on the bulls to prove that they are leading a new charge higher.

Near term, there may be another opportunity to buy a dip here on a wave 2/b pullback. See the 5 min chart below.

I have a few other count options that also support the view that the market may take another stab at 1389. We'll see.

5 Min
One more dip to buy?

Either the bears step in next week, or a one more dip may be bought near term.


Bollinger Bands
The bulls regained the 20 day SMA after bouncing off the 50 day. Watch for a possible cross on MACD.

Diagonal Option
Here's a follow up chart that I proposed several days ago that was implying a charge towards the 78% retracement at 1389. The near term counts may be supporting this and this may be supporting another push towards 1389.

60 Min -Leading Diagonal Option

Another option that may support another move to 1389.
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