Wednesday, March 3, 2010

3/3/10 - SPX AM Update [6:45 PM EOD Update]

[6:45 PM EOD Update]
I'm adding this chart because there is a Fib confluence at 1127. This represents a 78.6% retracement from 1150.45 - 1044.50 and (y) green = .618(w)green.

Notice price is also getting close to the long term bear trendline (pink).

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[5:00 PM EOD Update]



Not much to update here. Just working off the two charts I put out earlier today at 8:45 AM. Still no preference on the two since I like them both.

I think that top chart has a good target for wave (b) red. I didn't place the Fibs on there but where that (b) wave is now is approximately wave c(black)=1.618a(black) at approximately 1113.

I didn't label it here but notice there is a smaller scale head and shoulder forming. The head is where I have wave b (black) and the left shoulder is at 1123.46. The target for this smaller H&S is just about where I have (b) red.

On the bottom chart above, I have v either done or iv still working itself out with an expanded flat.





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8:45 AM PST]



The two counts I'm still watching in no particular order.
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[7:50 AM PST]
Here's the other count. Keep an eye on that potential setup for a Head and Shoulders. I know that's getting way ahead and all but something to keep in mind.

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Here's an update to the top chart from this post. It appears the alternate labels may be in play.

Wave a of y green may be in at 1123.46. A possible expanded flat for b of y is in progress before a final c of y wave up towards the green fibs.

If this count is incorrect, the other alternative is that this is the final 5 wave impulse up to complete wave y(see second chart on the aforementioned post above).

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