Friday, July 27, 2012

7/27/12 - EOD Update

Here comes the bulls. They managed to break out of the range since late June. If anything a new higher high has been made while higher lows continue to hold. A daily MACD bull crossed occurred today and the weekly is looking to cross as well.

With all that thought I'm still having a hard time with the most bullish count here and believe it has to be some form of a larger leading diagonal which may have completed today or early next week. If the LD count I have is to remain valid, the market cannot take out 1394 or wave 5 will be > 3.

10 Min 
Per the 10 min count, wave 3 may have completed. We now much watch for a wave 4 pullback I'll be watching the Fib targets below.

The bears have chosen to take the complex corrective route as proposed the other night. Until 1422 is taken out, the bear count remains valid.
Bull - Diagonal
Wave 5 cannot exceed 1394. Lets see if the 5/1-7/19 TL has any influence on the move higher.

The market closed above the upper BB so lets see if it pulls back inside for wave 4 per the 10 min chart.
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