Tuesday, April 20, 2010

4/20/10 - SPX Mini Update [10:50 PM PST IWM COUNT Update] - EMINI, SPX AND IWM

[10:50 PM PST IWM COUNT Update]




Here is a look at the IWM- Russell 2000 ETF. She looks just about done.
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SPX 60 MINUTE


SPX 15 MINUTE

SPX 5 MINUTE

After presenting the E-mini count, I thought it was appropriate to re-label my SPX count to reflect the same count. So I will work with this for now and keep all the alternates/options in mind.

If this count is correct, the near term upside potential is limited. On the 60 minute chart, two trendlines come to mind that may provide that resistance. Those two are the green and orange.

If price is halted there, the possible bearish head and shoulders formation may result in a decent pullback possibly towards 1150.


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CLOSE UP

I have ignored the e-mini for sometime now but stumbled upon it tonight. Oh boy, I probably should have paid attention much sooner.

I think it is confirming my preferred count for the SPX. There are no issues with the ending diagonal as was seen on the SPX and the structure off that top is a very clear one to count. At least it appears easy to count ;)

So for now I am expecting some downside action in the very near future here. How far and in what manner will help determine what type of top we saw at the conclusion of the ending diagonal.

All the other alternates and options I have presented still are on the table so keep an eye out for those as well.

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