Tuesday, January 24, 2012

1/24/12 - EOD Update

With Apple's ER release and assuming the AH rally continues into the open, my primary and alternate counts are still looking pretty good.
SPX - 60 Min
Early at the open today I presented this chart and kept an eye on the mid - channel on the initial selling. It found support and slowly crawled up the rest of the day.

In keeping things simple, price is still heading up in the channel.

SPX - 5 Min
Once again this 5 min chart works with both the primary and alternate count. I'm expecting a minimum of one more push higher in either a wave c or wave iii.

We'll have to monitor the wave structure as it approaches the next logical Fibo retracement levels above.

SPX - Primary 
Based on this primary, I'm thinking wave 4 blue may be attempting to triangulate or form a flat. Either pattern requires a wave b retracement towards 62-90%.

SPX - Alternate
Based on this count, wave 4 red completed on today's early selling and bounced at the lower TL. Should tomorrow gap and go, that would be wave 3 (degree still TBD) up working towards completing wave 3 blue.

SPX - Corrective
This count is still legit and the bear's best hope is a nested 1-2 i-ii down started over the past two days. The only concern I have with this count is the fact that a drop out of a diagonal should be sharp and so far this has strugggled to find any acceleration down.

VIX - Daily

One thing the bears have going for them is the VIX equity sell signal was confirmed today with the higher close after closing back in the Bollinger Band.

Lets see what happens tomorrow into FOMC and the market's reaction to Apple.
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