Thursday, March 24, 2011

3/24/11 - EOD Update

EOD Update

With a close above the 20 and 50 day SMA, a daily MACD cross and a weekly candle just about set to confirm the bullish hammer reversal, I think the net move will be higher. Below is the primary count.


I believe wave a of y of (x) completed today. I'm expecting a wave b pullback towards teh Fib targets below before a push higher.

The alternates are as follows

1. Wave (x) of [4] is complete and wave (y) is underway
2. Wave (x) of [2] of Minor 3 is complete and wave (y) of [2] of Minor 3 is underway
3. A bearish nested 1-2 down.
4. See the INDU chart below for another option





INDU

I don't really like this option for SPX but something to be mindful of. This option has minor [5] in progress.
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