The market went along with the near term call at EOD last week. The bulls lost the 20 day SMA so we need to see what the bears have in store.
It is very possible wave 1 completed today and 2 up was underway per the bear count. A bounce target between 1330-1335 would be something to keep an eye on.
However, we must now also consider a bearish nested 1-2 i-ii that could be in play that may target the lower BB at 1276. The near term pattern on the 5 min does look like a bearish flag. We'll see.
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| Bear |
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| Bulls |
The bulls are struggling to keep things alive here. Note this is only an intermediate term bullish view because it requires another tag lower.
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| 30 Min |
The wave 2 bear retrace towards 1330-1335 would make a very nice right shoulder.
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| Bollinger Bands |
Is this looking to hit the lower BB at 1276?
