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| SPX - 60 Min Primary |
The intraday reversal however, tagged the wave 4 of one lesser degree, which typically is a target for wave 2s. This would be the alternate count, a wave ii of 5, which in this case would be extending.
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| SPX - 10 Min |
On a 10 min chart, it appears a possible head and shoulders top may be in the works. The right shoulder is now complete or should there be a quick pop in the AM, I would suspect that it would end near 1364-1365. The measured move for this h/s top targets approximately 1348.
I haven't had a chance to count the 1 min squiggles yet so I think there is a good chance the bounce off the low could be a wave 4. So this would require a quick wave v down to complete the first wave impulse down, which would then be followed by a right shoulder bounce and then proceed lower.
We shall see.
