Wednesday, June 19, 2013

6/19/13 - EOD Update

3:14 PM Update

Looks like ES sports a pretty clear ED.


EOD Update

The bears won the day. I tweeted earlier that I wouldn't be surprised if the market flushed without the final fifth for the ED.

I also posted last night that with the wave {iv} overlap into {i} the old blue bull count option would become very suspect. The ED certainly played out and I believe sputtered for a truncated wave v of C to complete wave [X], which I have now adjusted the blue count to.

The bulls lost the 20 day SMA and now the weekly MACD is set to cross down.

Per the adjusted blue count below (which was previously the red count) wave i down of A of Y may have completed. I'm expecting a bounce for ii tomorrow and that may backtest the 20 day SMA at 1638.

The next best bear alt count is a nested 1-2 i-ii down and tomorrow opens gap down without any chance of a bounce. We'll see.

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