12 Jun 2013

The SPX managed to have a down day today again, but we have not broken the low from the 6th of June. I suspect that the move down recently is still in corrective mode and judging from the patterns a sideways move is not out of the question for a while.  The bearish count on a 5min scale below is what I see happening but again, EW should be taken as possibilities not probability.  Always stay with your indicators and trade the setups based on it.

Mid-Term: DOWN
Short-Term: DOWN