Thursday, February 2, 2012

2/2/12 - EOD Update

Not much to add to today's action. The primary is still looking for a wave 5 to complete near term and that would cap the end of a 3rd wave.

SPX - 5 Min
Will we see wave 5 complete tomorrow? If so, per the primary 60 min below, that would conclude the third wave of minute [c]/[3].

SPX - 30 Min
Here's a simplified view of the 30 minute an the options.

SPX - Primary 
I think the market is still waiting to show her hand here and this makes it difficult to determine which count works best between the primary, alternate 1 and 2.

I'll stick with the primary until proven otherwise but again alternate 1 and 2 are strong contenders.
SPX - Alternate 1
This option coincides with the 5 min primary since it is also seeking an end to wave 5 of minute [c]/[3].
SPX - Alternate 2
Because I have been suspecting a choppy range bound market, this option also works very well.

At the end of the day, we can "what if" things to death. So all we can do is go with the primary until rules are broken rendering the count invalid.
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