9/24/13 - EOD Update

The bears continue to build up some momentum but should not get too excited yet. I would like to see them break today's low, which would lead me to believe that at least a third leg down (whether a wave iii or c) is underway.

If another leg down is underway, 1672 may be a good target. This also lines up with a back test of the 20 day SMA.

This would also line up with at least the weekly chart below, which is looking for a wave iv dip.

Short term (10min), the bears do appear to be forming a bear flag and a larger h/s (not shown on the 10 min below).

10 Min 

Weekly