6/14/13 - EOD Update

After poking a little higher at the open, the market pulled back into a falling wedge pattern. This may have completed wave ii before it broke out of the wedge. 

However, the market did not rebound sharply so there is still room for more downside to complete wave ii.

The market also remains below the 20 day SMA after its second attempt. Should the market continue to chop around below the 20 day SMA, I have introduced a new red option that finds the market potentially triangulating. If this option proves to be correct, we should prepare for some more downside that may challenge the 1550s.

Happy Father's Day to all you Dads!

15 Min