21 Mar 2014

Today's high was only .4 Pt.  higher than the last high made on Mar 7th.  A high nonetheless.  Perhaps a 3 wave pattern up from the March 14th low is a B wave of sorts (an expanding pattern).  Therefore, we should see an impulsive move lower for a possible C wave.  The possible targets would be the 61.8% or 50% in general or an extended target near the 200ma if markets are in weak hands.  The question is if we can get a 3wave 5th pattern?  If so then a high is in at 1883.97.  But lets not get ahead of ourselves and look to the nearest area 1810 -1790 range.  Todays move was enough to turn our ST to the Downside which is promising for the Bears, so it should last a few days at the least.

MT: DOWN
ST:  DOWN
PA: DOWN

Below is two bullish scenario (pick your poison)... and the bearish case would be a 5 wave pattern to lower lows that surpasses the Feb. lows.