Thursday, February 23, 2012

2/23/12 - EOD Update

I adjusted my counts from yesterday and made yesterday's alternate the primary with a slight adjustment. I believe the market may be trying to complete an ED with one final wave c to complete wave v sometime tomorrow.

The slightly different alternate version to this is that today's bounce is the start of wave 3 of 5.

SPX - 5 Min - PRIMARY 
A few things going for this count, the bounce started off with a nice five wave impulse move higher.

There is an inverted head and shoulders pattern with a neckline break today and that targets approx 1376, which so happens to be the top of the ED TL.

Wave iii/c = 1.618x i/a near here too.

Note that wave iv of the ED slightly had a throw under so wave v may very well throw over the upper ED TL.
SPX - 5 Min - Alternate
This alternate may have a larger flat in play for wave ii of 5
SPX - 60 Min - Primary 
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