Thursday, June 10, 2010

SPX - EOD [8:50 PM PST UPDATE: BEAR OPTION]

SPX - 60 MIN BULL COUNT

SPX - 60 MIN BEAR COUNT

P3? I'm not so sure. What a day today. Bears make money. Bulls make money. You just gotta stay nimble right now.

Both of my counts still work. A pretty fat bullish candle printed today. The 200 DMA sits at 1107 and I'd say the market may be taking another stab at it. 

Looks like we also have a daily MACD cross. Let's see if this is a more meaningful cross. 


1091.26 will be a level to watch tomorrow since this is the center band on the Bollinger. Close above and I'd say the case for the upper band at 1150 will become stronger.

SPX - 60 MIN OPTIONAL COUNT

Here's an optional count I've posted a few times now. I show the count for Minor B as complete and we are possibly working on the Minor C up. Let's keep an eye on this one. 


 [6:30 PM PST UPDATE]



Here's a look at the DJT. I haven't posted a count in a while. 

The overall pattern caught my attention. It surely looks like a bullish pennant to me or a Minor B triangle, which would require a final Minor wave C higher.  


 [8:50 PM PST UPDATE: BEAR OPTION]




Here's a bear option worth considering. I posted this option a while back as well where I show wave 5 of minuette (iii) as severely truncated due to the "flash crash".  If counted this way, and ignoring the reaction low for (iii), the structure actually channels decently. 

Since the 1040.78 low, a minute [ii] flat has been playing out and a final minuette (c) for minute [ii] is in the works. 

Some Fibonacci ratios highlight some potential targets for minute [ii]. If (c) =(a), minute [ii] would retrace minute [i] by 38.2%. This would coincide with the 200 DMA.

We'll have to see. 

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