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Wednesday, February 27, 2013

2/27/13 - EOD Update

Welcome to Mr Toad's Wild Ride. Yesterday I mentioned that the bulls had a few things going for them near term and they surely took advantage of it.

I also mentioned the potential VIX equity buy signal, which did trigger today.

This leg up today, may take a little breather so lets see what the pullback looks like tomorrow.


5 Min 
Right now, I'd say stay nimble because there is a case for both the bulls and bears.

For the bears:

1. The bears still have the potential nested 1-2 i-ii down. This option is out if 1525.84 is taken out.

2. There are still lower highs and lower lows since 2/20.

3. A potential leading expanding diagonal may also be developing, which is bearish.

4. It is also possible that a larger wave (iv) triangle could be developing, which would send the market range bound for a little bit.


As for the bulls:

1. VIX equity buy signal

2. The bounce off today's low appears to look like an impulse that may have a few extensions in store.

3. A close back above the 20 day SMA.

60 Min 

VIX

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