I think the wave counts work better with one more new low, that
doesn't mean it has to occur now, it could however. My
intermediate indicators have yet to turn up yet. Short term the
market was extremely oversold 2 weeks ago Friday May 18th as the
RSI 2 closed below 1% on the SPX etc, so last weeks bounce should
not be too surprising, the rubber band was stretched and snapped
back.
I'll post a few charts that I'm looking at later today that
catch trends well
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Matt You think the spx still
Euro
Posted by onefourdroopy on 29th of May 2012 at 12:26 pm
Matt
You think the spx still has more downside in the days ahead before a meaningful bounce can occur and hold?
I think the wave counts
Posted by matt on 29th of May 2012 at 12:34 pm
I think the wave counts work better with one more new low, that doesn't mean it has to occur now, it could however. My intermediate indicators have yet to turn up yet. Short term the market was extremely oversold 2 weeks ago Friday May 18th as the RSI 2 closed below 1% on the SPX etc, so last weeks bounce should not be too surprising, the rubber band was stretched and snapped back.
I'll post a few charts that I'm looking at later today that catch trends well