Tuesday, March 6, 2012

3/6/12 - EOD Update [5:15 PM Update]

[5:15 PM Update]

Lets see if the Dr is leading again. As long as it remains above wave i blue, wave iv may be complete or close to complete. Lets see if this is equivalent to a minute [4] flat for SPX.

EOD Update

Today the bears answered back and put the bull's threat to rest for now. With today's sell off, it is a good time to see what this represents on the bigger picture.

SPX - Primary Daily
I'm tracking 2 main counts here:

1. Either Intermediate (B) blue has completed and now the market is about to sell off the 1074 low last October.

2. Minute [3] red of Minor 3 green has completed and now minute [4] is in progress with today's drop completing minuette a/w of [4]. 1267.06 should be a big target the bears should be aiming for if they want to
squash the impulse count up since this represents the top of minute [1].

SPX - 10 Min Bear
A closer view of the bearish scenario. Lets see if a bounce tomorrow is capped at 1358 or the green ascending trend line above.

SPX - 10 Min Bull
Wave a/w of [4] may be complete.
SPX - 60 Min 
The 60 min view of the bullish case.

SPX - Weekly
1313 looks like an attractive target to form a handle for the cup and handle pattern. The 50 day SMA is currently at 1321.
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