Thursday, February 28, 2013

2/28/13 - EOD Update

Looks like the intraday call was right with the triangle. After the breakout of the triangle, SPX may have completed wave {i} of (v).

Low and behold the bears defended the wave i high so the bearish nested 1-2 i-ii count is still on the table as well but I'm not sure the odds are good that this is the correct count since wave ii has retraced wave i signifcantly.

I believe the other alternate I have is the completion of a wave [x] of (iv). This has better odds than the nested 1-2 i-ii down but both imply the same thing near term.

In fact all three options are looking for a sequestration pullback tomorrow.

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