Friday, October 15, 2010

10/15/10 - EOD Update : Combination (2) Corrective

EOD Update

SPX - 5 Preferred Combination Corrective

Figure 20

Ok. I'm gonna lead off with the chart and figure above. See any similarities??

As confusing as it was this afternoon, my final midday update at 11:18 AM called for this count as a pretty decent possibility.

Wave Y of (2) was a triangle.

For further reference on correctives and figure20, visit the EWI Educational website.

SPX - 60 Min Preferred

Both options that I have presented the past few days are still on the table. Just when I thought we would figure it out, the market left us hanging.

Two things stood out today. First the pink ascending trendline continues to play a role in supporting the market along with the trendline off the August low.

Other than that, my preferred count has submicro (2) complete today in a combination corrective.

I feel more comfortable with this over the ED option below because the ED should have been reversed right away. So far the market hasn't reversed sharply as an ED should so that should be suspect, whereas the market held some key support levels, trendline support and retraced submicro (1) a near perfect 61.8%. And let's not forget about that picture perfect combo corrective.

SPX - 60 Min Preferred

As mentioned above, I don't favor this count as much due to the lack of a sharp reversal. However, this count technically is still not out. I would like to see the key ascending trendlines break down. If the market rallies above the level noted above, this count will be out.

Alrighty. Check back over the weekend for some additional charts.
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