Wednesday, January 18, 2012

1/18/12 - EOD Update

SPX- Primary Impulse
Just a slight change to this count. Yesterday I thought wave 4 was in progress but I believe today's rally may only just be capping off wave 3.

We will have to keep an eye for a protracted extension. Should this be the case, I will certainly make some more adjustments to this count.

The hourly MACD divergence continues to build but one thing the bulls accomplished today was breaking thru the hrly trendline.

SPX - Primary Corrective
This count still works and its possible wave (v) may just throw over up to approximately 1310-1315 since wave 4 was a throw under.

The -ve MACD divergence continues to support this, however, look at the LT Repeat chart below as to how long the divergence can last.

Hourly MACD Trendline
I've been waiting to see if the bulls would break through this. This is the first step in reversing the divergence that began at the end of November.

50/200 SMA
I posted this not too long ago. This favors the primary impulsive count.

LT Repeat
Another chart I posted not too long ago comparing the current 10/4 rally to the 3/09 rally. Notice the -ve divergence and how long that lasted and what resulted from that?

And another one I've called my similarity chart. The gray TL is near 1330 at the moment.
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