Thursday, July 22, 2010

SPX - EOD

SPX 15 MIN

A few things going on in this chart. The preferred count is that minuette (iii) of minute [iii] is underway.

The bear options and alternatives are in gray. I also placed converging trendlines arbitrarily to indicate a possible ending diagonal pattern that would fit with the bear option. Minute [c] of that option could equal .618*[a] at 1111.



On this chart, the market climbed back over the 25% channel. That inverted head and shoulders pattern is slowly forming. Keep in mind the left shoulder looks like it has a double dip so perhaps the right shoulder will do the same for symmetry.





SPX 60 MIN BULL


SPX 60 MIN BEAR
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