Wednesday, January 27, 2010

1/27 - SPX AM Update [10:40 AM Update 5th of 5th Extension]

[10:40 AM Update 5th of 5th Extension]

Wave c of ii is in progress. 1093 looks like a potential top for this retrace. It is a 38.2% retracement of the leg down that ended at today's bottom and c of ii = a of ii here as well.


[10:15 AM Update 5th of 5th Extension]

Looks like c of ii is in progress. 1093 is looking like the target zone!
[9:20 AM Oops! My bad!]


[9:00 AM Update 5th of 5th Extension]




Let's see if the bulls can break her above 1096. If not, this count may just work.

[8:30 AM Update 5th of 5th Extension]
Here's that 5th off 5th extension I mentioned below. I know it's a really bearish count and the probability is low, but it is something to keep in mind.

[7:50 AM Update]
Here's and update of my overall count for now with the alternates.

Check back in a little bit because I'm going to post a potential count in the event that there is a 5th wave extension of a 5th wave extension. Somehow, I think this may be a possibility however remote because the 1072 gap just seems to stick out.







This is how I'm counting this move so far. By my primary count, minuette (iii) is wrapping up. I'm expecting a push up/sideways for (iv) and probably no more than 1104.

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