Wednesday, June 12, 2013

6/12/13 - EOD Update

In the AM Update pre market open, I warned about the open's run up representing a wave c. That is exactly what the market presented.

The short term count was full of options, but those quickly disappeared once 1622.92 was taken out.

The bulls are either setting up a trap for the bears to form a much deeper right shoulder (heck why not right because everyone was looking at this pattern?) or the bears are gonna take out the 1598.23 low, which would invalidate the bullish count on the 15 min chart.

If 1598.23 is taken out, I am looking at a potential bearish squiggle count that I can present. I won't bother with it now until 1598 is taken out.

The bulls need to step up their game because the bears have a few things going for thing. The weekly MACD is rolling over and the bears have successfully defended the 20 day SMA so far.

If the bulls are gonna show up, it should start tomorrow because time is running out and the 3 min chart provides for a good case. If there is a small move down in the AM, I will be looking at the light green trend line on the 15 min chart below as a possible support level.

3 Min 

15 Min 

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