Monday, October 11, 2010

10/11/10 - EOD Update

EOD Update
SPX - 60 Min EOD

Ok. the trendlines (ascending) are still intact. The ED option presented earlier today takes a back seat to the count above.

We either have a nested [1]-[2] (1) - (2) setup heading for higher highs or today's late day pullback was subwave 4 of the ED as labeled in gray. Subwave 4 may have some more to go and tap the blue or red trendlines.

I can see this happening as the market sets itself up before we start earnings season this week.

The 60 min MACD did cross down and signaled a sell, however, the bears couldn't break all the ascending trendlines.

12:50 PM

Well this bounce into the close is telling me that the little sell off is most likely subwave 4 of the ending diagonal. The bears can't seem to get it going.

I'll update my overall counts later today.

12:30 PM

If the market breaks 1151.41, the subwave [4] low, this ED below would be considered complete.

11:58 PM

Been tied up in meetings all day. This may be a good count right here. Everything today just does not look impulsive towards the upside and the 60 min MACD is rolling over.

We'll see...
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