Monday, January 30, 2012

1/30/12 - EOD Update

I knew I should have left well alone when I posted the bullish 5 min chart yesterday. The bearish option I added to Friday's EOD post played out almost near perfect.

Today's drop even had wave 3/c nearly = 1/a. So far I see an attempt by the market to form five waves up and a more bullish option is the nested 1-2 up.

I still believe the market is continuing to chop out another wave 4 or completed another wave 4 at today's low. Its the degree of this wave 4 that is currently the challenge to identify.

Once again my 60 min primary, alternate 1 and alternate 2 still apply.

SPX 5 Min

Primary
Is wave 4 red complete?

Alternate 1
Is wave 4 blue complete?

Alternate 2
Is a flat playing out for wave 4?
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