SPX - 60 MIN PREFERRED
SPX - MINOR C ENDING DIAGONAL OPTION
SPX - 60 MIN BEAR COUNT
SPX -CANDLES
SPX - 60 MIN BOLLINGER BANDS
Today was definitely a day for the bears. That inverted head and shoulders is off the table, however that diamond pattern may not be. It just may be getting a little larger.
The market attempted to re-capture 1150 but was unsuccessful today. I still believe we are seeing a series of 3-wave structures up and down creating this range bound action.
My first chart above is my preferred count. I have minute [i] completed with the pullback working an a-b-c structure.
My bear count and alternate count (Minor C ending diagonal) are above as well.
The fourth chart is something I have previously posted. I have compared the Feb hammer with the hammer that printed yesterday. Though a confirmation today of that hammer would have strengthened the case for the bears, notice the candles that printed following both hammers. Again, without confirmation, this cannot be considered a reversal.
The last chart is a 60 minute Bollinger Band
chart. The bands are starting to tighten so it is possible a move is coming. I would wager that that may be up. We'll see.
chart. The bands are starting to tighten so it is possible a move is coming. I would wager that that may be up. We'll see. [3:30 PM UPDATE: BEARISH HEAD AND SHOULDERS]
I updated the bear count above. There is a possible bearish head and shoulders in the making. It would fit in well with a wave 3 down. Notice that wave 3 =1.618*1 at the H/S target. Hmmm....
[9:00 PM Update: 5 MIN Chart]
[10:20 PM Update: E-Mini]
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