Friday, April 27, 2012

4/27/12 - EOD Update [5:15 PM Update]

[5:15 PM Update]

Perhaps the DJI is showing us what the SPX is going to do and follow the flat option I have under the SPX  bull count below.

Of course the same options also apply for the DJI as the SPX so we'll just have to see. One thing I do notice is that the DJI sports cleaner three wave structures off the 4/2 top.

The blue lines represent one path it may take if the Minor 4 flat option is in play. Lets see what happens in this range.

EOD Update 

No signs of the bears yet so all count options are still in play. I'm still primarily looking for the completion of five waves off the 4/23 low.

Once that leg completes, I'll be watching for either a corrective pullback to satisfy the black, green and blue corrective waves or the start of a much larger wave 3 down per the pink bearish option.

With the McClellan Breadth thrust just about in play and a confirmed daily MACD bull cross, the more bullish options (black, green and blue) should be favored here.

SPX - 15 Min
Pull back next or the beginning of minute [3] down?

Note the options for Minor 4. However, we are going to be more vigilant of Option 3 (2nd chart below) as well.

SPX - Mc Clellan Breadth Thrust

Pretty much a breadth thrust in play.

SPX - Option 3
Lets continue to watch this option.

SPX - W bottom
Target 1420?
SPX - Bear
This count is certainly not out yet but the bears are surely hibernating right now.

Could this just be one big bear flag?
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