Wednesday, April 18, 2012

4/18/12 - EOD Update [2:34 PM Update]

[2:34 PM Update]


Here's an update to a chart I posted a week or two ago. This goes well with the Bull Option 2 count below. So it is very possible the market may only be in Minor 3. It certainly channels well.

Note the green channel, that would be the projected target for Minor 4 should Minor 3 complete where I have the 1-3 trend line.

Just a thought.

EOD UPDATE

The market is keeping the count options open. I really can't say I favor one over the other but if I had to pick, I would probably give the edge to the bears due to the bearish flag pattern and potential H/S. Note that even the bearish flag still plays into my daily count below for the bullish options.

However, so long as the bulls hold 1375.86 (wave1 high on the 15m chart below) and 1360 (H/S neckline), they still have a chance.

SPX - 15 Min

SPX - 60 Min 

SPX - Bull Option
The top bull count option. Still trying to figure out how high minute [b] will bounce, which will help determine if a flat, tri or zigzag is playing out for Minor 4.

SPX - Bull Option 2
The top bull alternate. Perhaps the market is still only in Minor 3.


SPX - Bear Option
The bearish option. This would play out with the head and shoulders pattern above.
blog comments powered by Disqus