Friday, June 25, 2010

SPX EOD

SPX - 60 MIN BEAR

As labeled yesterday, it appears the wedge/ending diagonal completed today. For this count, that structure represents the bottom for minuette (i).

Minuette (ii) up should be underway. The Fibonacci retracement targets are on the chart. We should be looking at the typical retrace levels for wave 2s at 50-62%.


DAILY MAs

The market remains below the moving averages. One thing to note is the MACD trend.

Should the index make a lower low and MACD remains above it's green trendline,  a positive divergence will develop.




SPX - DAILY BOLLINGER BANDS

The market continues to march lower. Price support and the lower bollinger band appears to fall in line at the moment. Let's see if this level holds or if we fall right through.





SPX - 60 MIN PREFERRED BULL COUNT

Here's my preferred count I have been tracking all along. The way this count is labeled, subminuette ii completed a double zigzag today.

Given that the daily MACD looks a little bearish, expecting a subminuette iii up may be a little ambitious, but you never know.


SPX - 60 MIN BULL OPTION 1

This option anticipates a subminuette iii wave up as well. Let's see what happens.








SPX - 60 MIN BULL OPTION 2

Here's a different take on the bull count. I have a Minor B bottom at 1040.78 and today's bottom completing a minuette (ii) running flat.

The red Fibs represent the length of subminuette a. Subminuette c = a.

A warning again as with the other bull counts. The daily MACD should give one pause.

Let's see what next week has in store.
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