17 Dec 2013

Prices did retrace today according to yesterdays analysis.  The intra-day charts seem to show a potential of a wedge / abcde EW pattern.  Both of which is a bullish sign.  The bearish case scenario is that we have 1-2 1-2 count that could potentially setup a 3rd wave down in a minute degree.  A lower low tomorrow for the SPX would give us a possibility of a positive divergence.  So we must keep this option open.  There is the lower trend line of the wedge connecting blue a and blue c.  This could be the support where it would meet the red dotted line.

MT: DOWN
ST: UP