Tuesday, March 6, 2012

3/6/12 - Pre Market

Looks like the bears are going to respond today. A key level to watch will be the green trend line below on both the bear and bull counts.

This trend line connects the 11/25-12/19 lows and currently would target approx 1352-1354.

SPX - 10 Min Bear
The bears need to break the green trend line below and not look back.

SPX - 10 Min Bull
I've adjusted this count to represent an [a]-[b]-[c] correction to account for the five waves down from wave [b].
SPX - 60 Min Channel

Here's a bigger picture of the trend line.
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