Friday, December 23, 2011

12/23/11 - EOD Update [12/24/11 Update]

[12/24/11 Update]

Just a quick chart and the significance of 1267. Notice that wave 4 may/should find support at the purple or yellow descending trendline right in the 1245-1250 zone. The 60 min MACD may be supporting the end of 3 here shortly.

Any retrace deeper than that and the primary B count below should be considered.

Alrighty. Time to enjoy the family. Merry Christmas and Happy Holidays to all!

EOD Update

It looks like Santa is coming to town after all. With a close over the 200 day SMA and a daily MACD buy signal confirmed today, the bulls just may make a charge for 1292 before the new year.

The bearish triangle I have been posting has been severely damaged with the run up the last few days. A different version of the triangle is presented below but I don't give it too much consideration at the moment.

It should be noted that the descending trendline connecting the 7/7/11 and 10/27/11 tops has also been breached today.

We shall see if the bulls can continue to push this higher next week.

SPX - 30 Min Primary
The primary count born from the alternate options I presented last night and through out today. I'm looking for the completion of wave 3 blue very shortly and possibly towards 1270.

SPX - 15 Min Primary

The 15 min squiggle for the primary.

SPX - Daily Inverted Head and Shoulder
The neckline break for the inverted head and shoulders.

SPX - 15 Min Primary-B
Going into next week,  I will also be watching this option as well as Primary-C below.

SPX - 15 Min Primary-C

SPX- Daily - Bearish Triangle Option
The old version of this triangle is pushing it so I can't believe that this move up was completing wave e. At best, if a triangle is still in the works, this would qualify as a wave c and can terminate anywhere between the top of wave a and today's close.
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