Wednesday, March 10, 2010

3/10/10 - SPX EOD



She looks like she's getting close. I think Blankfiend's initial hunch is still right.

A wedge is forming, which implies a potential Ending Diagonal is in the works. I think the ED begins were I have the second wave iv on the right. My upper contracting trendline is arbitrarily drawn in but I anticipate that price will paint within that two trendlines.

I'm still sticking to this count but do want to point out that if 1150.45 is taken out on a final thrust up for this ED, a top is still expected. What would change at that point is that I would consider that the top of P2 vs minute [ii] of P3 or the top of a minute [X] wave before a minute [Y] down.

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