So far it looks like the series of 1-2s are playing out. By the close, I counted minuette (iii) in progress. There appears to be a little more to go.
Be aware, I am still not focusing too much on the degrees at this point. For now that is what I am counting. My minuettes can very well be minute degree.
I still anticipate 1060 being taken out and eventually a move to 1040. The SPX daily chart has been posted again for reference.
Where the market chooses to go from there will be key.
I have included a Dow and highlighted the same things I did with SPX and SPY. One pretty important thing to note, is that the Dow has closed below the March - July Low trendline.
I have included the trannies again because I still think they hold some significance in providing a clue. If the count is correct, minute [i] completed with minute [ii] in progress.
Last but not least, I have included a Dow chart highlighting a potential Head and Shoulders pattern (This also applies for SPX but I do not have the time to chart this now). For those of you who read this blog regularly, you are all aware that I always do this.
So far I think I'm batting very poorly on this. Regardless, I still think it is worth mentioning.
On the 60 min chart, if price hits that lower purple trendline the head will be complete. A nice 61.8% retracement would form the right shoulder.
Notice that the 61.8% retracement level sits just above 9917, a level that would become resistance if price were to follow through down to the purple trendline.
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