5/17/10 - SPX EOD [10:15 PM Update: SPX Fractals?]

 [10:15 PM Update: SPX Fractals?]

[9:40 PM E-Mini Update]

I like Cobra's suggestion that a possible diamond pattern bottom reversal may be in the works. It works well with the inverted head and shoulders that may also be developing. I'm thinking another pullback will occur overnight towards the gap support area to fill in that diamond. We'll see what happens overnight.

[8:55 PM UPDATE: MINOR C ENDING DIAGONAL?]

?

MAYBE??

[4:09 PM UPDATE]

SPX - PREFERRED COUNT

My preferred count above shows that we may have potentially completed minute [ii] of Minor C. This assumes that the structure from my minute [i] is an a-b-c structure. I have been looking at my 5 min chart again and I believe this option is a viable one. 

I'll try to get a chart out later. Let's just say that the ending diagonal at the top to complete minute [i] had a truncated fifth wave. 

I will also post another option later exploring the possibility that Minor B may be forming a triangle/combo corrective, which will keep us in this range.  

SPX - 5 MIN

You gotta love this volatility. The SPX was down almost 2% today and finds a way to close in the green.

We have another potential hammer reversal by the close on the daily.  A green close tomorrow would confirm it.

I know I had bounced around with my 5 min charts over the weekend, but by the close it became a better structure to count. Not bullet proof but better because if you notice I do have some addtional alternate counts in gray.

I'll put out a chart later today highlighting what I'm thinking the market may now be tracing out.

But for now, let's just say we have a clean 5 waves down to complete either minuette (a) or (i) of minute [ii].

Check back for more later. Gotta run!

I posted the second chart on 5/13. It was just an observation on a potential pattern that may be repeating itself. Today we formed a smaller hammer with a nice long shadow. We saw the same thing back in Feb. Let's see if there is any follow through.

[3:35 PM Update]

 SPX- BEAR COUNT

SPX - ULTRA BULL COUNT