Monday, March 12, 2012

3/12/12 - EOD Update [4:38 PM Update]

[4:38 PM Update]

The wave 4 triangle for copper I posted the other day is still looking pretty good. The hourly MACD has bull crossed and daily appears to be next.

EOD Update 

A pretty boring day today. I do not have too much to add.

I'm still watching the rainbow count options and if the bears do not bring some form of sell off tomorrow, the red option may be looking at a gap and go up tomorrow for wave 3 of [5].

However, the green descending trend line, now at 1373 and the 1378 high will be levels to watch should the market move higher at the open tomorrow.

Should the market open lower and print below 1367, watch the blue count on the 10 min chart below. Some targets for iii/c below are 1363 and 1360.

SPX - 30 Min Rainbow Options
Note that I would like to see 2 red and b blue or green retrace to 38% tho. We'll see if that happens.

It is very possible 23.6% was enough.

SPX - 10 Min 
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