Thursday, February 6, 2014

2/6/14 - EOD Update

The bulls decided to attend the party and print five waves up off yesterday's low. We got the bounce  I was anticipating.

Both bull and bear counts now are aligned so there is reason to believe another leg up should be expected after a pullback for wave ii or b.

I know there is a bearish head and shoulders pattern developing so we must be mindful of this.

The 20 day SMA has cross down through the 50 day and currently is at 1806. Should another leg higher materialize, that would be a likely target. This lines up with Fib extension targets for wave iii/c higher.

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