Wednesday, November 28, 2012

11/28/12 - EOD Update [9:40 PM Update]

[9:40 PM Update]

ES is out of the channel and up 5 tonight. We'll see if cash follows up with this tomorrow and makes its way to the 50 day SMA.

EOD Update
15 min
I'm really liking the blue count here. As I mentioned yesterday, the lower Fib retraces should've been watched today along with the 20 day SMA and the neckline of the inverted head and shoulders.

The market managed to completely reversed a 13 point drop, after backtesting the 20 day, neckline and 38% Fib retrace.

The most bearish count represented by green has been adjusted and is not bullish short term. I will have to take a look later to see if there are any other bearish counts on the table.

Looks like the market's next stop will be the 50 day SMA. Lets see what the wave structure looks like at that level and how price reacts there.
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