Wednesday, May 22, 2013

5/22/13- EOD Update

60 Min 

The bears are a little happier today. Earlier this AM, I posted that it was interesting how sharp the reversal was once wave 5 = 1.38*1.

I must admit the reversal did not quite look impulsive at first glance. In fact I tweeted that by mid-late day it was looking like a triangle again, until it doesn't. There is no denying the third leg of the pullback today is impulsive. So we'll have to see if it is a 3 of C or a larger degree wave 1 down.

I also posted yesterday that a pullback to the 1650-1620 level wouldn't be a bad thing either for the bulls by way of consolidation.

The market is now knocking on the lower TL of the little blue channel and top TL of the green channel. Lets see what the reaction is here first.

Weekly
The reversal at the top of the longer term trend lines is something to also watch.


Weekly

Here's another chart I've been meaning to post. Assuming the bounce off the 2009 low is corrective, the most logical count I could come up with is a large A-B-C, with wave C extending in a nine wave count.

I don't quite buy the triple zigzag count, however, Y=W at 1777ish.
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