2/29/12 - EOD Update [5:22 PM Update]

[5:22 PM Update]

ES

At the lower end of the channel. What will she do?

EOD Update

In yesterday's post, I was looking for one last push to the 1375-1385 zone, which the market did today at 1378.04. The market also broke below the ascending trend line.

So I'd say per the primary 60 min chart below, this wave up since 12/19 may be complete.

Of course there are always alternate counts to watch out for and I do have one count to watch for tomorrow in case the bulls want to make one more stab at the upper trend line. Also note on the yellow channel on the 60 min primary chart. The lower end sits near 1360 at the moment so we'll need to see if the market wants to tag this lower end first before reversing if that is what it intends to do.

SPX - 10 Min

Yesterday I was looking for wave c to tag the 1375-1385 zone. It did just that today and y=.618*w.

However, note the alternate label as well as the alternate labels on the 3 min chart and 60 min alternate chart below, should the bulls make one more stab at 1380.

SPX - Primary 60 Min

Per this primary count, minute [c]/[3] may have topped today. Keep an eye on 1360 as well, which is where the lower yellow channel resides.

I believe MACD broke below its lower trend line too.

See the alternate option below.

SPX - 3 Min

So far the bears have three waves down. I would like to see five waves at this degree.

SPX - 60 Min Alt

Just in case we are a little early on the ED ending.