Monday, May 7, 2012

SPX - 30 Min
 The multi-colored options are still in play. My 5 min chart posted last week still looks good. I have added a corrective option to that 5 min view. This corrective option would support the blue count option above.

SPX - 5 Min Corrective Option

SPX - 5 Min bear option

There is no denying that a potential triangle may be forming up top here. However, as the chart above suggests, the last time a "triangle" appeared to be forming last year from Mar-May, we all know what happened.

The questions now is will the market attempt to make another lower high before heading lower?  We shall see.

Here are 2 potential triangle scenarios though, should this time be different, especially in the context of my longer term count.

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