Tuesday, July 20, 2010

SPX - AM UPDATE

SPX 60 MIN - BEAR

Things still are not very clear to me
 in either direction. Both the bear and bull counts  still call for a move down. Until an EW rule is violated it may be better to wait and see.

The bear case obviously improves if a new low is made and will rule out the bull count below,however, the optional count kicks in. We'll just have to wait and see.
SPX 60 MIN - BULL









SPX MINI

The mini is a little easier to count and may justify the bull count above.






SPX 15 MIN

I bumped up the alternate count on this chart and placed minute [i] at the top. We are currently working on a minute [ii] pullback, which is represented by a double zigzag.

I think this makes the most sense to me at the moment. Again, I think the minis is telling us the same thing.

SPX 60 MIN - OPTIONAL

I had this count a while back and modified it a little bit as reflected in the bull count above after that 3% rally day.

I wanted to bring this back since I believe it is still an option.

Based on this count, minuette (c) is in progress to wrap up minute [y] of Minor B. Fibonacci targets are below as (c) relates to (a).
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