4/11/10 - SPX Inverted H&S? Target 1215 [10:30 PM PST Update]

[10:30 PM PST Update]

Let's keep the above chart in mind as well. Remember this is an alternate count but something to keep in mind.
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I just wanted to add a few more things to the 60 minute preferred chart I posted yesterday. Based on my count, I am expecting subminuette i of (iii) to wrap up before a small pullback for subminuette ii of (iii).

Should this count prove to be correct, a possible inverted head and shoulders pattern would result. The pattern targets approximately 1215.

Coincidentally, minuette (iii) would also equal 1.618*(i) at 1215 as well, which also takes price into the upper half of the trend channel.

We'll see what happens tomorrow.