Monday, May 20, 2013

5/20/13 - EOD Update

The bears formed a decent five potential down per the 1 min chart but need to step on the gas tomorrow. They certainly must hold the red horizontal line at today's high if they want to have any chance.

As for the bulls, they may have just completed wave 4 purple of v of 5 per the 60 min chart. Wave 4 purple could require some more time so we'll keep an eye out for the triangle or flat potential.

The hourly MACD is compressing into a rising wedge while forming -ve divergence.

1 Min 

60 Min 

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