Wednesday, May 12, 2010

5/12/10 - SPX EOD

SPX- 60 MIN PREFERRED

It looks like the bulls have control once again. We got another green close and that should put the previous day doji out of question and it continues to confirm the bullish hammer that printed after last Thursday's major decline.

As for the current structure, it looks like we have a little more to go to the upside. Starting from my minuette (iv) it appears the structure may be wedging which would imply a 5th wave. At what degree would be the question. 

I have this final 5th completing a minuette (v) of minute [i] of Minor C. However, take note that I also have an alternate label and that this leg up may only be completing minute [iii].

So if the primary count completes tomorrow, I am expecting it to target the 1185 and then begin minute [ii] down possibly near the open gap below. 

If the alternate count comes into play, minute [iv] may probably find support near 1150.




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