Wednesday, July 24, 2013

7/24/13 - EOD Update

The bears managed to close the market below the 5/22 high and appear to be forming three waves down at the moment off the 7/23 high.

I like the backtest and rejection of the ED as well. If the breakdown is legit, 1670 would be a good target, which is where the ED began on 7/16.

The 5 min chart highlights the level that must be defended if a larger degree wave is forming an impulse.

As of right now, there are a series of three waves, which would fit in with the green option. If the blue option is in play, the bears need to form a decent size five wave decline. Lets see if they can even form three first.

5 Min 

60 Min 

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