Happy Spring! Lets see if the bears can come out of hibernation here.
If I were a bear, I would hope that a lower low will be put in tomorrow if a bearish count is to gain some traction.
The 3min chart below highlights a possible five wave move off the day's low so in order to invalidate this, the bears need to make a lower low real soon.
 |
| SPX - 3 Min |
Is this the start of a new five wave structure up or just a deceiving bearish pennant representing a wave 2/b bounce? Overall pattern-wise this looks like a bear flag/pennant, so one would expect at least another leg down in a wave c at minimum. So lets see if the bears can push for a lower low.
 |
| SPX - 30 Min |
Note the 2 alternate options there and the Fib extension targets for 3/c red.
 |
| SPX- McClellan Oscillator |
Lots of -ve divergence here.
 |
| BAC |
BAC looks like it may be working on wave 4 blue.
