SPX 15 MIN
This is my preferred count on the 15 min. I knew my call from yesterday and updated again this AM was most likely the case, at least that is how I see it.
I was expecting minuette (iv) to retrace minuette (iii) by approximately 38% and target the previous wave iv of (iii). By the end of today, we got that. Notice the structure does not looks so impulsive near the end of the sell off today. I'll see if I get some time over the weekend to count the squiggles. So for now, I still like this count.
SPX 60 MIN BEAR
Yesterday I said this count was losing momentum quickly and a wave (iii) down had to begin. Well, today's sell off was sort of an answer.
The only problem is the structure itself as highlighted on the 15 min. It doesn't quite look impulsive but it doesn't mean it still can't develop into one.
We'll have to keep an eye on it next week. The two charts below, however, favor the bear side of things though.
SPX DAILY MAs
Yesterday we closed with a hanging man that required confirmation. I would say today qualifies as a confirmation.
We also lost the 50 day MA again. That is three tests now so watch out.
I don't have it labeled on this chart but keep an eye on a potential inverted head and shoulders here. This works with the 15 min count once it completes it's impulse up, which should be followed with a minute [ii] pull back to form the right shoulder.
SPX BOLLINGER
We also lost the mid band or 20 MA. Are we headed back to 1010 where the lower band resides? Hmmmm....
SPX 60 MIN BULL
This currently tracks the 15 min chart above.
SPX DAILY CHANNEL
It broke below the 25% channel.
With OPEX behind us let's see what next week has in store.
