Remember this Fib fan chart? The market closed over the yellow 50% line. Interesting....
And a look at the daily chart I have maintained for some time.[Update 4:19 PM]
3 min[Update 3:43 PM]
Option 1b
Option 1cHere are options 1b and 1c again. As bullish as the past two days were, option 1c remains valid.
Option 1b is nearly identical in count to the /ES count presented below. I have it either completing minuette (iii) or minuette (iii) completed. MACD may be hinting at it's completion.
Option 1c, if completed, would complete minute [b] of Minor 4. Notice the Fib retrace level achieved? 90%. That is the minimum requirement for a flat and SPX has now achieved that minimum.
If option 1c is correct, we should see a drop back down towards minute [a] and a little beyond to complete the flat.
I will try to see if I can update my 3 min chart later to see if we can determine if this leg up is complete.
EOD Update
/ESI have a feeling there are a few more points to go before we see the end of minute [i] for Minor 5. I made some adjustments to the ES count I posted this AM that may make sense.
As I posted on my 3 min chart last night I hinted at a possible nested 1-2 start to this wave up. I think that has a occurred and I believe at the moment /ES best represents this count. I'll post updates to my option 1b and 1c counts later. Option 1b best fits with /ES.
Reverse Fib TechniqueDo you remember this chart? I posted this a few times in the past and was expecting the market to eventually hit the 1232 mark after it hit the 1183-1190 confluence area.
Notice that the previous confluence provided a level of support before this recent bounce?
Daily Bollinger BandsThe daily MACD and Bollinger Band looks bullish. MACD is on the verge of a buy signal and not to mention the bounce off the longer term trendline.
What is interesting here is the top of the Bollinger Band currently sits at 1232. I believe the large inverted head and shoulders target is also at this level.
