Wednesday, May 9, 2012

5/9/12 - EOD Update [8:02 PM Update]

[8:02 PM Update] 


I forgot to include the extension chart. So far 8 waves. Will there be a 9th?

Note I added the grid lines back? This was suggested by JoeSmith. We'll see how things work out Joe!

 EOD Update
SPX - 5 Min
Here are the near term options.

Gotta keep an eye out for that potential triangle there. Lots of chop down below here.

SPX - 10 Min
I have this labeled as a bear chart but in reality its a 10 min view of the entire leg down from 5/1. We are still trying to figure out the conclusion of this five wave move down.

Keep in mind this five waver may also just be wave C of the larger minor 4 flat count I have below so making five waves down from 5/1 doesn't necessarily make this a bearish count here.

Bottom line near term if that triangle is playing out, this is how it comes into play.

SPX - 1min
Now here is a bullish take on the bounce off today's low. I know when viewing this at the 5 min level and up the entire wave structure looks like three waves, however, when counting out the squiggles, there surely is a case for this 1-2 up. We'll see sometime tomorrow.


Bear

 Minor 4 flat

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