Friday, June 18, 2010



Here's  a brief explanation of the three options above.

Option #1 (black and blue labels): An impulse wave that is currently working on its 4th wave with the degree still questionable. Meaning that we may see a series of waves 3 and 4 before it finally breaks higher for wave 5. 

This option is questionable, at least the way it is currently labeled,  because the triangle is ascending, which is more indicative of a diagonal (see options below). 

Option #2 (gray labels): An impulse that is ending with a wave [5] ending diagonal. 

Option #3 (orange labels): A triple zigzag with the final [Z] completing with an ending diagonal. Not sure about this one since triple zigzags are rare. 

Note: For ending diagonal options, subwave (3) of the diagonal may not be complete and could have one more leg up to about 1125.



Here's a look at my 60 min chart. A perfect example of my inability to see the forest for the trees. Nothing was changed. Somehow I just got lost in my 15 min count today for a brief second.

So onward we go with wave [4] or some type of corrective b wave. I'll get a bear count out later. 


I want to thank Anonymous again for pointing out the oversight earlier on my wave labels. I've made some adjustments and this is the best I can make with the structure so far.

The past three days we saw some consolidation between 1105 and 1118. Based on my preferred count, this is indicative of a wave 4 or micro [4] to be exact.

If using the bear alternate, the sideways structure would be a wave b of Z. Both bull and bear imply one more leg higher and I think it will be aiming for the 1130-1150 mark.

If one were to believe that this was only a wave 2 correction up, a proper Fibonacci retracement would be 62% from the April high, which gets us to the 1150 mark. Why would you expect anything less? So far we got that for Primary wave 2, assuming you are in the Primary Wave 3 down count.

SPX - 60 MIN MAs
The 13 and 21 EMAs on the 60 min chart continue to provide some guidance to the short/intermediate trend.


The daily shows the 13 attempting to cross up through the 21 EMA. The 21 is heading for the 34 EMA and 200 DMA. The 34 EMA has reveresed course and is trending higher. The 34 EMA is also in line with the 200 DMA at the moment. 

All right. Let's see what post quad witching brings next week. Have a great weekend!

1 comment:

  1. Grand,

    Congratulation to your new baby princess!

    Will Newton's Law of Gravity apply to Apple & Humble it?