The market is walking on a very fine line......possible NYSE count - PART II

Going into the FED meeting and QEII announcement, TMN expects two possible outcomes: (1) markets open down on Monday, with NYSE continuing its wave 3 down to around 7220; (2) NYSE moves upwards to a new high labelled as (E).

                              click on chart to enlarge

So far, we had a failed inverse HnS pattern (green colour) and this should normally take the market to the opposite direction (remember the failed HnS pattern failure of summer 2009?).

The bullish count until 03/11 is labelled with the black ABCDE, whereas the bearish count is labelled as the blue 1-2-3. 

TMN for the time being remains with the bearish count.