Jul 20, 2010

Short term update

This market is very difficult:) bellow is the update - bullish and bearish short term scenario.

I have told that I am not convinced that this is a 3 of 3 wave. It does not behave like third wave. Today we have hit 50% retracement and reversed hard upward after MACD divergence on the 15-min chart and the Histogram on the 60-min chart.
Now the alternate scenario, which I have shown last week, is equally probable.
Expect higher low to reset the oscillators and carve out H&Sh pattern on the 15-min chart followed by a surge.

The bears should prove them selfs and bring this market lower. If this is really 3 of 3 we should see hard sell off and never look back. But this does not happens...

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