Sunday, October 17, 2010

10/17/10

SPX - 5 Min

With futures down about 8 pts tonight and the EUR/USD looking like it may be in a wave 4 pullback (daily MACD sell signal), this alternate count above is one to watch.

Wave Y of (2) may still be in progress and the triangle was only wave b of Y. Wave c of Y down would target 1162 if c=a.

One thing that concerns me with this option is the trendline breaks that would occur. It may very well signal that minute [iv] is in progress.
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