Wednesday, July 21, 2010

SPX - AN ALTERNATE COUNT [11:45 AM Update]

 [11:45  AM Update]

 SPX 15 MIN

Given the action so far, this is the other option given the deep retrace. The count below is still valid but getting close to violating the 4-1 wave overlap. If 1068.83 is breached than the count below is ruled out.


 


[10:25 AM Update]
SPX 15 MIN 

This is what I'm seeing at the 15 min.


SPX - AN ALTERNATE COUNT

This is starting to look like a possible triangle and if so, this is a potential count to be mindful of.

What may rule this option out is the fact that the subwave structures in this triangle to not appear as 3-waves, which they should be. However, it may be possible to count them as such.

I have the minute waves as either [a] or [w] and [b] or [x] but not completely sure just quite yet. This does make a difference because what would follow the triangle would be waves [c] or [y].

Per EW , wave [c] would be a 5 wave impulse down, which would be fairly easy to identify and would mark the completion of the move. However, if the triangle is an [x] wave, then what would follow would be a minute [y].

The subwaves of [y] would consist of a  zigzag (a-b-c) structure, which would look like 5 waves down, 3 waves up and then a final 5 waves down. .
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