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).


[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.

8:45 AM PST]

The two counts I'm still watching in no particular order.
[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.


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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