Here's something that may corroborate a move to 1175. The last 30 min MACD cross resulted in a test of the 50 SMA and a hammer reversal.
We saw the same at the close today. 10 points from here gets us to 1175. Keep in mind we have yet again another negative MACD divergence.
As of this posting, futures is holding that trendline.
10:05 PM EOD Update #2
Futures selling off and testing that lower ED trendline. Based on the alternate labels, we would expect the sell off to bust through.
If wave 5 black is an ED itself as highlighted by the converging blue lines, subwave iv red cannot retrace below 1145.50 since it cannot overlap ii.
Here's a look at the INDU which may be supporting my 60 min preferred count below. This leg up is equivalent to the SPX 10/4 low at 1131.87.
Just some food for thought.
2:50 PM EOD Update #2
Here's that 5 min chart as promised. I know the labels can get a little confusing but they represent the counts for both 60 min charts below. Once again, the trendlines are going to be key in determining whether we go higher or this leg up is complete.
SPX - 60 Min Preferred
Ok. I wanted to get these two charts up so that it is clear what the two options I am looking at. The top chart is my preferred but the ED Option is up there.
I have a 5 min chart that pretty much supports both counts starting from 1131.87 on 10/4/10. That doesn't help I know but I'm going to stress again the trendlines are gonna play a role here and 1151.41.
If the market breaks below 1151.41, the ED option will gain in priority and eventually if 1131.87 is breached, the top chart will be voided.
I'll get the 5 min chart up a little later. Gotta run for now.