3/15/12 - EOD Update

Hard to say if a fifth wave is complete. Should that fifth be complete, the question then becomes what does it represent? See the 30 min chart below for some options.

SPX - 1 Min

Earlier in the CiL today, I posted a 1 min chart, which I believe sported five clean waves. It stood to reason that it should have represented a wave 1/a with at least a 3/c down to follow. However, by the end of the day I have come to find out that a new high was made.

The only logical explanation for that as it relates to EW is that it represented a wave c of an expanded flat.

SPX - 5 Min

A few options here:

1. Wave 5 red completed with and ED
2. A larger flat is in play and 4 gray may still be playing out.
3. Wave 4 gray is a running flat and 5 gray started into the close. 5=1 gray at 1406.

SPX - 30 Min - Red Option 

Once we get the squiggles right, we still need to figure out how it fits into the bigger picture.

SPX - 60 Min 

The red option with the channels and Fib extension target for [5].