Thursday, March 8, 2012

3/8/12 - EOD Update [4:48 PM Update]

[4:48 PM Update]

Lets see if the ES(Mar) puts in the right shoulder just like I'm thinking for cash.

EOD Update

Looks like the  bulls decided to challenge the bears once again and the bears once again have dropped the ball. The bear count option I have been tracking was invalidated today when 1364.72 was breached resulting in a wave [4]-[1] overlap.

I was pretty busy yesterday but didn't get a chance to focus on the nested 1-2 i-ii up I mentioned a few times near the close yesterday in the CiL. That obviously played out today.

Below I have created a color coded road map for the near term. There are still a variety of options and I think it is probably wise to stay nimble and trade this puppy shorter term focusing on a position riding the third wave up or down.

SPX - 30 min Option
Color coded for your pleasure.

SPX - 15 Min Blue Bullish option. 
Lets see if this pans out with an early NFP sell off that creates a right shoulder and then a rally to follow.
How high, who knows, so keep an eye on the 30 min variety chart above.

SPX- 60 Min
Still rising in the channel. This goes with the 30 min and 15 min charts above. I don't want to plaster all the options on there because it would be too difficult to read so lets just tackle this count three waves at a time.

SPX - 15 Min Impulse
When it becomes a pain to count the extensions, its easier to look for the larger degree waves and count to 9 or 13. So far nine waves are complete.

Is that it for wave 1 or a? Lets see tomorrow. Pair this with the 15 min bull count above.

SPX- Daily- McClellan Breadth Thrust
Is a third breadth thrust setting up? So far the McClellan has rallied off -87. If it moves to +50 tomorrow, this would qualify as breadth thrust and the red option above, minute [5] in progress, would have to be heavily considered as the top count.
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