2 Oct 2014

The rally today in the markets have not turned our ST bullish and we are still in oversold territory.  We also made a lower low today piercing one of our support lines and closing above it on an hourly basis confirming our Fib. Support.

I have included an EW forecast, but I should warn that this is just speculation and only based on some cycle dates provided to me as a scenario that takes us to a final low of 1900 - 1890 range.
Based on this pattern, the wave would be a complete 5 wave structure making it a pretty bearish one.

On a bullish note, the closing hourly low today represents a possible ABC pattern from the high made on Sept 19th, of which A=C in length.  A confirmation of this would have our ST turn up and also Break above blue-ii or make a 3 wave pullback without breaking todays low..  It seems there are many requirements but unfortunately that's the only way we would be able to call a run up bullish.

MT: DOWN
ST: DOWN
PA: DOWN