Tuesday, February 21, 2012

2/21/12 - EOD Update

SPX - 60 Min Primary
Hmmm. Structurally, wave [c]/[3] may be deemed complete. If this is the case, wave i of [4] has begun or something more bearish.

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.

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.
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