What a day it was. It was sorta anticlimactic but market managed to push up against the rising trendline.
I have a suspicion that we may be heading to 1200 before we see 1050 again and this may be an extended wave 3.
Check back later for my thoughts on this.
10:44 AM Update
Keep in mind, my 60 min chart shows us potentially in a wave [3] right now that is looking like a nested 1-2 within. I'll try to get a chart out later. Gotta run for a bit.
10:25 AM Update
If this is finally the fifth of the fifth of this impulse up, it is certainly looking like an ending diagonal to an ending diagonal here.
9:05 AM Update
Look at how heavy the Fib confluence is at the 1232 level using Fib Extensions and reverse techinque.
8:36 AM Update
8:36 AM -5 MinSo far wave iii/c achieved equality with i/a. It's at the top of the trendline so you can count the ED as complete.
But is that what we are witnessing? The 60 Min MACD is on the verge of a buy signal. Are we looking at a larger wave 3 targeting 1173? Wave iii/c would equal 1.618* i/a at that level.
8:05 AM Update
8:05 AM - 3 MinThis count is looking pretty good now and once again keep in mind the ending diagonal.
we are either in wave iii/c of 5 right now. Projecting for iii/c shows 1165 as a target if iii/c = 1/a.
I'm also thinking of something even more bullish. I won't label it yet.
Let's see how strong we push up today. My thoughts for that count is that we are only in wave 1 of 5 that topped at 1163.87 where I have x and Alt: c of ED 3 labeled. Wave 2 of 5 down to where I have iv pink labeled.
Actually here's the 60 min view of that bullish count below:
SPX - 60 Min7:30 AM Update
7:30 AM UpdateJust a random thought/count as I was looking at SPY.
7:20 AM Update
7:20 AM- 3 minMuch of this does not look very impulsive in either direction. Here is yet another option. Let's see how far ii or b pullsback. The larger ending diagonal option is becoming more and more appealing.
7:00 AM Update
7:00 AM - 3 MinNot quite the pop I was looking for. Here's another count if the move off yesterday's low is working out 5 waves. The fifth of this fifth looks to be wedging.
6:15 AM Update
6:15 AM I haven't posted a mini chart in a while. It appears it may have picked up a little caffeine since my initial post. The structure almost looks in line with the cash count now. Let's see....
Pre Market Update
SPX mini so far as of 6:00 AM hasnot reacted positively to the jobs report. It is currently down 4.25.
I'll be watching 1151.41 on cash. If we break below that, my 3 min squiggle count will be voided.
However, 1150 will be a target for the ending diagonal option to complete the third leg of subwave 4.
See you all in a bit.
