If we have seen the bottom of Intermediate wave 4, and are now on Intermediate 5, then
- I would ideally want S&P not to move below 1187
- Expand breadth as I measure using McClellan Oscillator
- Improve % of issues above 50 MA
- Expand daily momentum towards overbought areas
straight forward uptrend criteria for the bulls to meet
A move below 1187 will cast some serious doubts on this being the beginning thrust of Intermediate wave 5. It does not make it impossible, just makes it suspicious.
Have a Nice Afternoon!
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago