Wednesday, June 9, 2010

SPX - EOD


 SPX - BEAR COUNT


SPX - BULL COUNT

The bears are still in control. I was expecting a 5 wave more up today for both the bear and bull count. However, with the reversal today, a nested 1-2 up looks to be the best option for the count off the 1042.17 low.

For the bear count, I have added an additional option. Essentially, the bear count may have three nested 1-2s ([i]-[ii], (i)-(ii) and 1-2).

That leading diagonal is starting to look pretty appealing now as well.


The only issue I have with the LD option is the fact that wave 3 does not "look" or count like a three-wave structure.

The 50 day MA is getting closer to the 200 day MA. However, the 200 DMA is still rising.

Based on my counts above, either a wave 3 down (bear count) smashes the 50 DMA down through the 200 DMA or as the count (bull) wraps up, the 50 DMA kisses the 200 DMA only to continue rising to work on Minor C up.

We'll see..

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