Thursday, June 24, 2010

SPX AM UPDATE

[11:50 AM - SPX 60 MIN BULL UPDATE]

SPX - 60 MIN BULL COUNT


From the bull count perspective, this may count well as a double zigzag (W-X-Y).  






 
SPX - 60 MIN BULL COUNT

Here's that optional bull count. 








[11:05 AM - EUR/USD UPDATE]

EUR/USD

Of course with my bearish inclinations, I feel the EUR/USD must be revisited again. As I posted a day or so ago, the EUR/USD pair appeared ripe for a rally in what would either be a wave iii or c.

So far so good. Gotta keep an eye on the trendline/neckline. A break above that and a possible inverted head and shoulders is on it's way up to the 1.31 region.
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I am posting the bear options on top this AM. The preferred bear options is that we are currently working on minuette (i) of minute [iii] down. The alternate, in gray, is that we are working on subminuette i of minuette (iii). Both imply the same thing, a wave 3 down.



The market fell below the middle bollinger band and the daily MACD continues to trend lower with a sell signal just around the corner.


In the past I have mentioned that I would be looking for the death cross (50/200 DMA) to signal a very bearish trend. Though it has not occurred yet, it is very close. Combined with the wave counts and trend indicators, this cross seems highly likely so it bears (pun intended) watching.


Of course the bull count I have posted all along has not been ruled out. Addtionally, I posted an alternate bull count that may be playing out. I'll update those charts at EOD.


Until 1042.17 is breached, these counts are still valid.
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