The adjustments made over the weekend worked out well for today's trading.
 |
| SPX - 3 Min |
This was the primary chart I used today intraday which worked out well. Based on this chart, there is a very good chance we have five waves down off the 12/16 high. How this applies depends upon which 30 min count you believe to be in effect.
 |
| SPX - 30 Min - Primary |
Based on my primary, I believe this may have just about wrapped up the very complex corrective count right near the 62% retracement level of the 11/25 rally as well as finding a resting spot at the 10/4 - 11/25 trendline.
The triangle option I have been tracking may give the bull count an edge as well.
 |
| SPX - Triangle Option |
If this is in play, wave E may have also wrapped up today.
 |
| SPX - 30 Min - Alternate |
The bears favorite count at the moment. If this is correct, it is winding up a series of nested 1-2s down. The bears also triggered a confirmed hrly MACD sell signal.
The market is also well below the 20 and 50 day SMA so the bulls need to be cautious or get going here if they want to continue their rally.
I don't have the chart up but keep an eye on the lower daily MACD trendline I presented on
this chart should there be more selling over the next few days.
