[9:40 PM Update]
I was just thinking of some other options specifically for the bullish count. It is likely that (iv) is not complete. Working off the bear count, we may have only completed wave a (the leading diagonal from the bear count) and wave b up. If we get a pullback early tomorrow, that may be wave c of (iv). If this is the case, I would be expecting a pullback target of 1144 (c=a) or so.
SPX - 60 MIN PREFERRED
SPX - 60 MIN BEAR COUNT
What a rally today but the market is still keeping us guessing. I imagine, if anything, the market wants to target the 50 day MA sitting at 1171.62.
My preferred count has us working a possible 5-wave structure up with minuette (iv) completing today and (v) was in progress into the close. Fibonacci targets are up on the chart for (v). I'm looking for 1169-1182.
Once caveat to this count, I don't necessarily like where I have wave (i) placed. I think it may be forced because it may count better as a 3 wave structure. so keep this in mind. Hopefully tomorrow it will be much clearer.
For the bear count, I show minute [iv] complete today. Notice that (c) just about equals 1.618*(a) as anticipated yesterday? Off that top, I think we may have a leading diagonal for minuette (i) of minute [v] and then a bounce for (ii) at the close. This option is ruled out if 1163.85. But it may just be a wedge/triangle.
It is also possible to count the start of (c) from where I have (b) labeled for the bear count.
No comments:
Post a Comment