4/4/10 - SPX E-Mini Sunday Night Update [4/5/10 AM Update]

And a channel.

Are we seeing a possible 1-2 1-2 setup here?

Here's a chart of the e-mini. The count represented here is more conservative than my preferred count in the cash. This count represents the barrier triangle option.

So far price has broken out of the overhead resistance level. The blue channel is an EW 2-4 channel that is used to project for minute [v].

A typical target for wave 5s within an EW channel is the mid line or the upper line of the channel, which is represented on the chart with the orange circles.

Notice that minute [v] =.618[i] at the upper line as well as the triangle thrust target.

We'll see what happens overnight.