The bears won big for a second day in a row. The 50 day SMA has been taken out along with the 1600 level in a very clear impulsive wave.
Intra-day, I adjusted the blue count and added a green count option that is still in play. I have also introduced a newer red count option.
Per the blue and green, a bounce could be in store for tomorrow. The Red option is looking for the same but it will be more shallow.
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| 15 Min - Updated 3:16 PM |
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| 60 Min |
If the red option proves to be correct, the market may be heading to 1564 where [Y]=[W].
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| Weekly |
The weekly MACD is looking set to cross down so if the 20 week SMA does not hold, the lower BB is showing 1488ish.
