Thursday, May 23, 2013

5/23/13 - EOD Update

A little uncertain on the short term direction. I'm leaning towards the bulls here at the moment only because of the reversal today near the bottom.

Though the pattern appears to be a rising wedge, one can also argue for the higher lows and higher highs on the 5 min chart.

I think we may at least see a wave c bounce for (2) near a proper fib retrace target towards the 50-62% levels.

As for the bears, they also have many things going for them.

1. Again the bearish rising wedge
2. The chopped up wave pattern off today's low
3. Price retesting the underside of the blue and green trend lines that broke.
4. The market bounce to 38% which would be enough for wave (2).

I think for tomorrow though, I'm leaning for a little more of a bounce higher.

One thing to prepare for is another wild ride where the market consolidates in this range between 1687-1635. I mentioned this two days ago. 

5 Min 

60 Min 

blog comments powered by Disqus