11 Jun 2013

Critical point for Bears is the low on Jun 6.  This low needs to be taken out for a bearish continuation.  The pattern though still looks Corrective down and the risk is for more upside potential.  A push up in prices by SPX without breaking the High on May 31st would be a good pattern for EW Bears.  Which keeps a possible (1-2, 1-2, 1-2) down.

Mid-Term: DOWN
Short-Term: UP

For Bearish sake I have put a count below of what it could possibly look like going down.  This of course would lead to a violent push downward.

NOTE: Longer term trend is still in an upward bias.  But we act on our indicator with caution until we get a confirmation.