Friday, July 2, 2010

SPX BULL OPTION


Here's an update to my bull option that I posted yesterday with an alternate count (in gray) as well. The primary count on this chart shows that minuette (a) of [y] is nearing completion and a bounce to (b) should occur before dropping one last time in wave (c) to complete Minor B down.

The alternate in gray shows that Minor B may be complete. Not too sure about this one but this may go with the possible daily MACD divergence that has a potential to develop if the market rallies.


Overall it's still a bearish looking environment especially with our Death Cross this AM. However, this chart I believe should be watched and kept in mind.
Here's a channel and possible support trendline to keep in mind.
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