Friday, August 3, 2012

8/3/12 - Vacation Update

Note the blue zigzag on the chart. Because of this clear three wave structure, I say bulls should remain cautious here.

It has obviously been a traders market the past two months but also a clear bearish lookings rising wedge that has rallied out of a falling wedge. Note the 78.6% retracement target, which has been met?

I have note this in several posts over the past few weeks so lets see what happens here.

This count, which I have been tracking for a while now and posted several times, is the one to watch and why the first chart above should be respected.
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