Wednesday, November 30, 2011

11/30/11 - EOD Update

Last post again. Work has been keeping me busy.

Looks like the most bullish primary option played out. I'm sure many were squeezed today once above the 50 day SMA as posted last night.

Looks like wave 3 was nearing completion towards the end of the day. Wave 3 has extended wave 1 by nearly 1.618* .

The 200 day is just above at 1265. Is the market gunning for this? If this is a new impulse wave up, it certainly allows for it.

One note of caution for the bulls is the alternate1 count is still very much in affect, however, as I tweeted earlier, it is becoming a less likely count.

SPX - 5 Min
This certainly counts as a nice impulse wave up but keep in mind, there are still only three waves up or 7 waves total. 5, 9 or 13 makes for a complete impulse. 7, 11 and 15 total waves would be considered corrective

SPX - 60 Min - Primary
Notice the descending trendline? That connects the July and Oct highs. This also lines up with the 200 day SMA. Just something to keep in mind.
SPX - Daily - Primary
The bigger picture with the 50 and 200 day SMA

SPX - Primary Daily
And a much bigger picture. Note the very bullish alternate here. I'm looking for a third wave up as either a wave Y or 3 that will challenge the 1300 level. If this plays out, then 1292.66 will play a crucial role in determining whether this is an impulse wave or not since this would represent the wave 1 high option.

SPX - Daily
I haven't updated this chart in a while but today's surge certainly brings this back.

SPX - 60 Min Alternate1
Again this count should still be watched though it is becoming less likely.
blog comments powered by Disqus