6/5/13 - EOD Update

15 Min 

As I mentioned yesterday, we would find out today what direction the market was going to take. I favored the bears due to MACD and the rejection at the 20 day SMA.

Not all is lost for the bulls just yet. I have added a green option that was tweeted by a good friend of the blog, Vodavi (http://t.co/QTQjylaIDe). This lines up with the red option short/intermediate term.

Weekly

Coming up on the mid-channel.

Weekly

I don't recall if I posted this chart but was still exploring the corrective option for the entire structure off the 2009 low. I like the potential for the extended wave C there.

Based on this count, the market is working on wave 8, which would equate to several folks who are looking at this pullback as a wave 4 before one final push higher.