Last week, DOW, SPX and Nasdaq broke below important supports:
1. 200MA
2. Elliot Wave Theory having 1292(SPX), 12230(DOW) as important support to remain bullish and cant overlap.
3. Wave supports 1292(SPX), 12230(DOW) as former resistance last Oct2011.
All over the globe, selloff has already been massive and deadly, making Regions lose double digits.
Europe - 20%
Asia - 15%
US - 10%
Mixing all the Technical Analysis, Elliot Wave Theory, Fundamentals (Unemployement, Factory/Machine Orders) and Leading Technical Indicators (MACD,RSI, Volume, McClellan,VIX). The break below from important support makes it a semi-bearish sentiment on this market, they need to get above the 1292 and 12230 as soon as possible to have positive bias. For now, 50% chance bullish, 50% chance bearish.
There is sooo many count made by various EW analysts, and they are also in a 50-50 state to lay down this current market. Hopefully, the 50% chance of Bullishness remains.
Bullish Analysis and more Reasons to be bullish (50% chance):
Semi-Bearish Analysis (30% Chance)
Super Bearish Analysis (raised to 20% chance)
No comments:
Post a Comment