Wednesday, January 25, 2012

1/25/12 - EOD Update

Late post for me. The market reacted favorably to the FOMC announcement.

SPX - 60 Min Channel
Just this channel hit alone, coupled with a long term TL hit, would make you think this move is complete. However, what we have going now is a confirmed MACD buy signal, so we'll have to watch if there is some more upside to come near 1340.
SPX - Primary Option
The primary count may have wave 3 complete. This lines up well with the channel chart above. But again, one must keep in mind that the MACD buy signal may allow for a throw-over of the channel.

SPX - Alternate
The alternate, which I do like and may favor more than the primary, is looking for 3=1 at 1347. We shall see.

SPX - Corrective Option

The thing about EW is that though you may have some decent options to work with, you can also rule em out when they are no longer valid. Back to the primary and alternate cout and without fail, we will continue to look for the next alternate to work with.
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