4/20/10 - SPX EOD [7:30 PM PST 3 Min Preferred Update]

[7:30 PM PST 3 Min Preferred Update]

I forgot to add my preferred 3 min chart earlier. I show this structure off the 1183.68 bottom as a 5 wave impulse currently working on it's 4th wave, which appears to be a triangle nearing completion. This should be marked as subminuette a of either minuette (b) or [v] of the expanding ending diagonal option. The Fib markers are in place showing the relationship micro [5] would take to [1].

Once complete, I anticipate a subminuette b wave pullback towards the gap below at 1199, which coincides with the 21 day EMA.
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I still like this alternate #1 count as well. Look at the Fib ratios between the intermediate waves. (Y) = (W) and if the recent top was (Z),  (Z)=.618 (W).
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[3:40 PM PST 3 Min Alternate Update]

This will also work towards the Expanding Ending Diagonal count. We may be looking at an expanded flat for Minor B.

Please note the 15 minute chart below has not been updated to reflect this alternate.
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SPX TRENDLINE

 SPX  60 MINUTE

SPX 15 MINUTE

SPX ENDING DIAGONAL OPTION

The top chart is a follow up to the one posted yesterday. Today's close provides confirmation so far of the reversal hammer on Friday.

Based on my preferred count, the market appeared to be working on a minuette (or minute) (ii) or (b) of Minor B down. Based on the 15 minute chart, the market is working on what appears to be the first leg (5 wave structure) of (ii) or (b). I'm expecting a wave b pullback once the structure completes, probably near the gap support below before a march higher in a wave c of (ii) or (b). The 21 day EMA should also provide some support on that 60 minute chart.

I posted an expanding ending diagonal option last night previously posted by Alphahorn. This is a pretty good option I'm going to continue to monitor as well. The 15 minute chart count fits into what would be expected on this count as well.