Wednesday, February 20, 2013

2/20/13 - EOD Update

3  Min
I started tweeting this 3 min chart today (finally had some free time!). The bears finally squeezed in a tiny five wave move down for wave (i) red. Wave (ii) bounced quickly to 38% Fib retrace before launching wave (iii) lower towards a 1.618 Fib extension of (i).

Note at the higher degree, it is a three wave move at the moment (i)-(ii)-(iii). For now, I have added the green double zigzag as an option.

Lets see what happens here at the 20 day SMA, which the market nearly tagged. If the bears wanna build a larger degree five wave move down, they need to defend the wave (i) low at 1521.17.

15 Min 
I presented this count yesterday but as you can see above, there was a [iv]-[i] overlap. So with that, I will consider wave (iii)/(c) on the 60 min chart below complete.

Should a new high be made, we'll go back to the drawing board, until then, lets see what the bears have in store.
60 Min 

I posted this the other day and with today's move, we should pay attention to the potential shooting star candle stick and potential quadruple -ve divergence.

At the end of the day, the burden is still on the bear to signal an end to this rally.
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