Friday, July 16, 2010

SPX AM UPDATE - Minuette (iv) not complete

SPX EOD 7/15 - 15 MIN

This was yesterday's EOD chart. I had it labeled with a minuette (iv) completion and a nested 1-2  up for (v). Per EW rules wave 4s cannot retrace back in to wave 1s, which occurred this morning. That immediately signaled that my count was incorrect into the close. Below is my current thoughts.


This is the next best interpretation at the moment. A very sideways move so far, which is typical of wave 4s.

Yesterday I provided some intraday updates and targets for this (iv). It looks like it wants to retrace back into the previous wave iv (inside the green horizontal range) as well as hit the 38% retracement.

Let's see if the 1080 level provides support again.

 SPX 15 MIN Alternate

 This is the other count I'm watching that I posted yesterday at 9:50 AM. See here. This in fact may make more sense than the one above.
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