Wednesday, October 13, 2010

10/13/10 EOD Update - 1:10 PM

EOD Update - 1:10 PM

EOD - 1:10 PM - 60 Min

EOD - 1:10 PM - 1 Min

Here's a quick run down on what my thoughts are. I'll try to post more detailed charts later.

My primary count is still in effect as well as the ED option as posted below. However, the ED option is running out of room before it becomes invalidated.

The TOS chart above is the same as my preferred one below. I just don't have access to the platform right now.

Anyway, I believe the sell off into the close was just a wave 4 of (3). I also believe we may very well be in a minute [iii] smash up at the moment.

One bearish thing to note is the 60 min MACD has rolled over. Will it gain momentum and show us a reversal from the ED option? Or will 1175 now hold as support?

If so, we'll know more tomorrow because the ED option should be complete or very close to it.

Thanks for stopping by and see you later.

11:00 AM Update


Sorry for a lack of updates. Once again I've been tied up with meetings.

The reverse Fib technique and bullish count alternative has not failed so far. We are certainly looking at resistance here near term but if earnings continue to pour in very positively, we may certainly head to the next Fib confluence level which is very heavy and smack dead on.

I think we stand a very good chance of seeing this.

I'll try to get some squiggle counts out to figure where we are currently with this wave 3.

I think the ED option is losing its validity quickly. It is still on the table but as I mentioned earlier my preferred is that we are in a wave 3 up.

8:20 AM Update

SPX - 5 MIN 8:20 AM Update

An updated 5 min count.

7:15 AM Update

SPX - 60 MIN PREFERRED - 7:15 AM Update

SPX - 60 MIN ED OPTION - 7:15 AM Update

SPX - 5 MIN - 7:15 AM Update

Here is an update to the current count. My preferred remains the same. I did update the ED option but as I have repeated the past few days. Until the ascending trendlines break, the ED must prove itself. Otherwise I'm going with my preferred.

Pre Market Update

Here's a look at the futures market. I added the ED option onto the chart and by that count, it has thrown-over in wave 5.

However, I have a feeling the ascending triangle is playing out and the thrust out and up for wave 5 is in play. I think 1165 is near term support for now.

We'll obviously know if this is an ED if it quickly reverses itself and breaks back below the ascending trendline.


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