Tuesday, August 20, 2013

8/20/13 - PM Update

Looks like wave {iv} is in progress. So far the most likely scenario is a wave a of {iv}. The bears have a clear line to defend.

 The bulls do have a case for a completed a-b-c down to yesterday's low, however, daily and weekly negative divergence may pose more trouble for them. This bounce may very well just be a backtest of the 50 day SMA.

60 Min - 12:21 PM

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