Thursday, January 19, 2012

1/19/12 - EOD Update

My first target range  has been met at 1310-1315. Now it is up to the bears to smack this down or else this opens the door up to 1330-1340.

I'll be keeping an eye out for a wave 4 pull back. Some targets would be 1295 and 1282.

SPX - 5 Min
The majority of folks do not like to count the squiggles. I, on the other hand, enjoy it but sometimes you gotta just let the market run if it is extending. This is a very good possibility here should the market run for 1330. ** See the bullish option below for this extended count.

As of right now, I believe there are enough waves to complete wave 3 blue (see 60 min primary impulse below).

The pullback off the day's high is channeling lower but doing so in a corrective fashion. This would be consistent with what I'm expecting for a wave 4.

However, if a new high is made tomorrow, we'll just have to mark today's lil pull back as another wave 4 within a larger extending third wave.

SPX - 15 Min 

SPX - 60 Min - Primary Impulse
Wave 3 blue is complete or pretty close.

SPX - Bullish Option Alternate

This is something to consider should this leg extend higher. I believe this is a good count contender.

SPX - Primary Daily

Note the wave [c]/[3] target if it equals wave [a]\[1].


Why I think 1330 will be tagged if the market pushes past 1315.

SPX - Primary Corrective
The previous version of this ED count was ruled out today when the market climbed higher since wave (v) in that old count is longer than (iii).

This would be another version and will be voided if 1326 is breached since (v) would be > (iii).
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