Tuesday, June 22, 2010

SPX EOD [BULL COUNT UPDATED]

[BULL COUNT UPDATED]

 SPX - 60 MIN BULL COUNT

This count explores the possibility that we only saw the end of [4] or near completion of [4]. The [2] - [4] channel line lines up well with the upper channel at the top.

I've been exploring counts for [3], which you may have seen from time to time now. There have been issues with rule violations and what not but from a 60 min view, [3] may work as I have it labeled. I'll see if I can get a count labeled for [3].


SPX 60 MIN

SPX DAILY BOLLINGER BANDS



SPX DAILY EMAs

Well that was pretty bearish today. The index closed below the 13, 21, 34 EMAs and 200 SMA. The daily MACD histograms are starting to trend negative.

However, with all that, this pullback once again should not have come as a surprise. As I posted yesterday, I was looking for a pullback down towards a range of 1097-1076. I was eyeing the 1087 level since this was the most likely target at a 50% retracement to complete subminuette ii (the bearish count anticipated this pullback for wave b down). This also corresponds with the 20 MA or middle Bollinger Band. Additionally [C] = [A] at approximately 1086.

I'll see if I can get a squiggle count out later to see if this leg down looks like it is close to complete or maybe is complete.

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