Friday, July 30, 2010

SPX - EOD - 7-30-10

SPX - 15 MIN
This is it for today. The count I presented the past few days is out since there was a  4-1 rule violation. I haven't spent much time examining the squiggles but this would be the best option I can come up with for the moment.

This count implies a nested 1-2 wave up. The first set is of minute [i]-[ii] degree and the second set is of minuette (i)-(ii) degree.

Keep in mind this structure has some very overlapping looking waves and the structure off 1010 is starting to look like a wedge. That wedge may imply an ending diagonal or a leading diagonal. If I had to pick between the two, I think the ending diagonal would fit better into this scenario than the leading diagonal.

I'll try to get some charts out over the weekend exploring this option and some other options I have been keeping an eye on but have not update recently.
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