Tuesday, March 10, 2015

3/10/15 - EOD Update

Looks like the bears are trying to make their case for wave C of (4). So far they have brought the market back down to the lower yellow trendline (daily) of the ED I have been highlighting and closed below the 50 DMA. Daily -ve MACD divergence in play as well.

The bulls shouldn't be counted out yet though since this could still be counted as a wave b of (iii) for the larger yellow ED. If this is the case, so far wave b of (iii) is approaching a 62% retracement of wave a.

However, I'd give the edge to the bears. We'll see if the 200 DMA is revisited soon.

60 Min


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