Monday, July 12, 2010

SPX - AM UPDATE [12:47 PM UPDATE]

Here's an updated look at the chart posted below. I added the bearish Alternate counts. This would be counted as a double zigzag with [Y] in progress right now.

There are a few options for [Y]. Either it is one large ending diagonal or [Y] is a zigzag (a-b-c) itself with wave c of that zigzag forming an ending diagonal.

Looks like 1082-1090 is a level it is gunning for. Let's see what happens



Here's a look at the 15 min chart. An ending diagonal appears to be developing. Is it the end of subminuette iii or of wave c? A break below the green horizontal line will rule out the possibility that the bounce off the 1010 low is an impulse.

As previously posted, a pullback was pending due to the 60 min MACD indicator. See here.
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