Monday, April 26, 2010

4/26/10 - SPX EOD [9:50 PM PST E-MINI UPDATE]

 [9:50 PM PST E-MINI UPDATE]


Here's a look at the Mini that supports my current preferred count. The ending diagonal that followed the triangle on the mini is a valid one. 

What is developing now is still up for interpretation and is represented by the three charts at the bottom of this post.

[3:10 PM PST TRIANGLE OPTION]
I forgot about my triangle option, which is still valid. I added the chart below to keep all three options today.

[1:50 PM PST UPDATE REVERSE FIBONACCI]

So far that reverse Fibonacci chart from Friday may have been useful so let's keep going with it. The above chart applies the same technique looking for a confluence on the way back down if we hit a top today.

I used different segments of the structure for the swings. Refer to the legend on the chart for possible targets. 
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SPX 60 MINUTE - PREFERRED COUNT

SPX 60 MINUTE - ENDING DIAGONAL COUNT

SPX 60 MINUTE -TRIANGLE COUNT [3:10 PM PST]

Looks like a slow day in the market today. Perhaps my reverse Fibonacci chart is panning out afterall. 

But I won't get too excited just quite yet. If the turn proves to be correct, which I believe after today may be confirming, it only matches up with my current 60 minute preferred chart at the top. 

I like these two charts the best at the moment. 

I show that count working on a Minor B wave down. If it proves correct, a challenge of the 1150 area may be in the works. This would correspond with a Minor B wave retracement of 38.2% of Minor A. 
There are some alternates on the top chart as well. I still question whether this may still be part of a minute [iv] developing (whether via a flat formation or possible new triangle). We'll have to see. If we see continued sideways action, start thinking triangle again.

The second chart above is the Ending Diagonal option. Subminuette iii of the ED completed and we are working on iv now. 

It appears there was a 60 minute macd sell signal today (see 2nd chart) along with negative divergence. This is consistent so far with a pullback for iv. I'll keeping an eye on the lower ED trendline as well as the lower MACD trendline. Both may provide support for subminuette iv. 

GL!

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