Tuesday, April 5, 2011

4/5/11 - EOD Update [4:40 PM Update]

[4:40 PM Update]

SPX 5 Min

If the ascending triangle as depicted below is correctly playing out, the above 5 min chart highlights what may be the completion of subwave e right on the trendline.

One alternative to that would be is the structure there represents the first leg of a double zigzag for e and therefore may be labeled a wave w of e, and x wave bounce and then one more wave y back down to the trendline.

EOD Update

SPX - 60 Min Primary

Still quite a few options on the table. This is my best guess at the moment. Frankly I may like my pink ALT labels better.

The best thing to focus on at the moment is that potential ascending triangle though. Keep an eye on 1330.15, which is the wave c low of the tri. A break below that and it may signal an end to this leg up.

Will post more later.
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