Friday, April 8, 2011

4/8/11 - EOD Update

EOD Update

Yesterday I posted the combo corrective showcasing the final wave y ending as a triangle. At the time it looked pretty good especially when compared with the chart below.

However, I completely forgot about the other combo corrective that ends with a zigzag. I have posted this option in the past and somehow got caught up with the triangle. The past week has been frustrating counting this thing but I believe we most likely completed the pattern below. Compare this with the 60 min chart just below it.

SPX - 60 - Min

SPX -Daily- Primary

I'm posting this chart again with the changes I have made to the count. I believe the market is most likely in minute [5] of Minor 3. Notice the alternate corrective count.


I like how price touched the 13 day EMA and bounced along with what appears to be a complete zigzag down to complete the combination corrective.

The alternate to all this is that Minor 3 may have completed today at 1339.46 and a new impulse structure is forming down. By the close, it appears a fourth wave of that new impulse was forming. Should it retrace above 1331.56 early new week before making a lower low beyond 1322.93, a 4-1 overlap will result.

The 4-1 overlap will confirm that the structure off the 1339.46 high is corrective and most likely fit with the combo corrective zigzag down completing wave 4 at 1322.93.

Minor 3 Top Option

This is a 5 min chart showing the count as a new impulse down.
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