4/5/10 - SPX EOD [9:55 PM Alt Count Added]

SPX Daily

SPX 30 Minute

SPX ALTERNATE #1

It looks like we have our thrust confirmation out of that triangle (call it a symmetrical or barrier; both work).  As I have been mentioning since  3/24 (see post), this triangle formation represents minute [iv]. 

It appears minute [v] is in full swing now. On the chart above and like I posted this AM, there a few good reasons to watch out for 1200 on the SPX. 

Again those are:

4 reasons to be thinking of 1200:

1. MINUTE [v] = .618 [i]
2. TRIANGLE THRUST TARGET
3. TOP OF CHANNEL
4. UPPER TRENDLINE (BLACK - CONNECTS OCT AND JAN HIGHS)

The true range to watch would be 1200-1228. 1228 represents the 62% Fib retracement of the 2008 bear decline.

I'll try to post a chart of the RUT later tonight. It appears it has also broken out of a triangle. I see a tentative target of approximately 712.