Sunday, March 3, 2013

3/3/13 - Update

Kind of a tough read at the moment.

Case for the bulls:

1. The wave off the 2/19 high is best counted as corrective at the moment.
2. Price is still tracking up the ascending trend line
3. The blue count shows wave (iv) either complete or working on a potential triangle

Case for the bears:

1. 60 min MACD bear cross
2. The bulls have not made a higher high yet since 2/19.
3. The weekly chart is wrought with negative divergence and it still looks like one humongous wedge.
4. There's room, even tho it supports the bull count, for one more wave down to approx 1480 (11/16/12 - 12/28/12 trend line) to complete a larger wave (iv) flat.

5 Min

60 Min 


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