28 May 2015 - Decision Point

The decision point is based on EW and has nothing to do with the indicator, but the premise is to sync both analysis to get a better understanding or to have the odds with you when making a trade.

The current EW count could go either the bulls/bears way, but there are clues as to the behaviour of the price, and currently it is losing momentum again, as our signal stays in an UP trending bias.  I have laid out the best case scenario for the Bears below on a 15min chart, but as it stands the Bulls are still in control.  What we are looking for is a potential turning point or a hint of one.

With the drop today in the SPX and a rally that could not push above its gap down, it seems to show weakness.  Perhaps the 60min signal would need a push above to the OB range to kickstart the push higher.  Therefore tomorrows open should provide the direction of the trend on the intra-day charts.  A push below the mid-line by the signal tomorrow would give the bears credence.

MT: UP
ST: UP
PA: NA

Note: Extentions Approx.
100% = 2090
161.8% = 2069
261.8% = 2033 (Just below 200 Day MA)

Bearish View: 15 Min.

BONUS: