Friday, March 2, 2012

3/2/12 - EOD Update [Updated 3/3/12]

[Updated 3/3/12]

SPX - 60 Min Bullish ED Option
Yesterday I forgot to include this chart, which was the previous alternate count I had been presented through the week. This one still applies as well.

**Note this is not that much different than the new alternate presented below. Both counts imply one more last pop. 

Again, the bulls have the burden at this point to make a new high, however, there are a few ways to count this that allows for possibly one more stab at the rally high.

A lot of talk about the RUT's weakness. This is my take if the channel holds.

EOD Update

The bears are trying but the bulls aren't giving up yet. Price continues to channel up and has not broken down below my yellow channel (see 60 min primary) yet.

The 5 min chart below shows the burden that is on the bulls. They need to make a new high or the triple nested [1]-[2], i-ii, [i]-[ii] will play out and result in a gap and go drop come early next week.

All the chop is still indicative of a possible wave 4 triangle and many weeks ago I mentioned that this wave could just extend higher and higher. See my new bullish alternate count below.

I will say that we have seen this type of choppy action before where everyone was looking for some type of triangle that evenutally failed. This could happen again so we must be aware of the bear count below.

Breaking below 1363 would be a good start to confirming the trend has changed.

SPX - 5 Min - Bear count
Gap and go Monday if the bulls have decided to go on vacation.

SPX - 60 Min Primary
The bulls may still have a chance for one more go at the high so long as price continues to channel up. Hasn't broken down out of the yellow one yet.

Note the resolution with the MACD trend lines though.

SPX - 60 Min Bullish Alternate
I think this is the best alternate count if the bulls want one more go at the high.

SPX - 4hr with 21 EMA

At support again. Will it hold?

Have a great weekend all!
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