25 Jun 2015 - Double Break .. Not So Good

The SPX is not looking good right now with a break of a wedge yesterday and a break of the moving averages on the 60min chart today.  The HH I was looking for is in danger of failing as we push further downward.  As expected from yesterdays post, we have now made an ST turn to the downside which adds more to the bearish conviction.  With a possible 5 waves decline we should see a rally and should look for a 3 wave move if it is a start of a prolonged move lower. 

MT: UP
ST: DOWN
ST: DOWN