Thursday, October 29, 2009

10/29 - SPX AM UPDATE


Resiliency in the bulls or is it just a dead cat bounce after 4 days of selling?

If the count is still correct, I would expect minuette (iv) to hit the blue upper descending trendline. This looks like it is approximately 1065 or so.

Minuette (iv) could work itself into a triangle and play out the rest of today and tomorrow. If that were to happen, I could easily see it work it's way back below 1060 to complete wave e of the triangle.

Ultimately a break above 1074.31 will make this current count invalid. If this occurs, a check of the MACD histograms will have to be confirmed if there is more to go to the upside.

And of course, an end of day check of the daily MACD histograms may indicate where we go.

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