Saturday, August 4, 2012

8/4/12 - EOD Update

Complex Corrective
I still feel this is the best wave structure playing out. The pattern itself is a rising wedge and the mkt appeared to reach the top of the TL on Friday.

Note the blue zigzag that I highlighted. This is why I think this best fits a complex corrective. That in no way looks like a wave 1 impulse.

Intermediate B
This is the longer term bearish count I've been tracking. If the complex corrective above is truly playing out, bulls need to be ready here.

Mc Clellan Oscillator
The McClellan is also hinting at the completion of the wave structure with the triple -ve divergence.

Weekly Bollinger Band
The bulls need to step in here to break out of the bearish rising wedge. A weekly MACD bull cross could very well be favoring the bulls. We'll see.
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