Friday, September 17, 2010

9/17/10 - 1140-1150 on target - EOD Update

EOD Update -  I say it is a triangle. The question now is did we see it's completion today (red converging lines) or did we only see the completion of a complex subwave c (magenta line)?

It's getting close either way. I am expecting a thrust out of this triangle most likely Monday. This triangle will be considered wrong if the market takes out subwave A (red).

10 min EOD

Daily Preferred EOD
This wave 4 (10 min chart above) once again matches really well with my daily preferred above. Based on this chart, once we thrust out of iv, minuette (i) is complete. The daily MACD histos are starting to turn lower and this matches up well with a turn down that may be coming for minuette (ii).

Daily Preferred
 Just a larger view of my daily preferred.

Option 4

I wanted to share this update of option 4 (I have a few). This one favors the bears. Notice C(blue)=A(blue) at 1153.

Overall, there are several bullish and bearish counts which indicate that we may head to 1140-1150. 

Almost forgot to update you all on this one as well.

SPX Long Term

10:40 AM Update - Looking like a legit triangle. I believe subwave D is in progress but there is room to interpret that it is complete. MACD is looking bullish here for a thrust out of the tri.

10:40 AM

9:14 AM Update - Ok. I lied. Here's a quick 10 min chart. Maybe in a wave 4 triangle.

9:14 AM

9:00 AM Update - Ok. Last update for a bit. The action continues sideways, which leads me to believe I may still have to move my [X] and [Y] labels. We'll see...

8:55 AM Update - A possible 1-2, 1-2 setup for wave v up.

8:50 AM Update - A possible truncated 5th. We'll see. A break of 1118.89 will confirm this.

8:15 AM
Though everyone, myself included, referred to another ascending triangle again yesterday, I believe the count is a little different as labeled above. Yesterday, prior to the close, I was looking for a micro [Y] to complete wave iv. See here at 9:05 AM.

I believe this is the correct count, especially because we didn't see a subwave e for the triangle. Either way, it really doesn't matter since it is a wave 4 nonetheless and we are looking for a final 5th wave up to complete this large impulse.

The 1140-1150 target still applies as posted here (see bottom chart)
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