Wednesday, May 2, 2012

5/2/12 - EOD Update

[9:34 PM Update]

Just something to think about.

EOD Update

Earlier today I tweeted the near term game plan and so far the market is on track.

SPX - 10 Min 
I can't say for sure if wave b is complete here but it surely looks like a bear flag as well as a head and shoulders top.

SPX - 30 Min

Options black, blue and pink are calling for a third leg down either as a wave iii or c. Option green was removed.

One alternate to option blue is that wave 2 completed today at 1394 at 38% of wave 1.

SPX - 60 Min 
A bear flag, a backtest of the 20 SMA and potential head and shoulders pattern may be favoring that next leg down.

Option 3

Option blue from the 30 min chart above would go with this chart.

Bearish Case
 Option pink from above goes with this chart.

Minor 4 Flat Option
Option black goes with this chart.
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