Tuesday, May 18, 2010

5/18/10 - SPX EOD [10:20 PM Update: E-Mini; Completed 3 waves down?]

 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. 


 [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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