5/21/10 - SPX EOD [4:45 PM PST Update: Alternate Counts]

[4:45 PM PST Update: Alternate Counts][4:45 PM PST Update: Alternate Counts]

Check out my alternate counts page. I will continue to update other counts I have in mind here.

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SPX - BULL COUNT

Clearly the near term trend is down as the MAs are curling over in a steep fashion and the market closed under its 200 day SMA.

However, here is an update to the bull count I posted last night. So far so good. Notice the near perfect Fibonacci ratio (1.618) between wave (iii)/(c)  to (i) / (a).

Into the close, it appears we had minuette (iv) in the works and possibly near completion. The structure for the minuette waves channels nicely. (iv) may need some more work.

The bear count obviously still applies.

 SPX - BEAR COUNT

As I previously stated, this leg down works for both the bear and the bull count. Next week, I expect the completion of (iv) early on in the morning and then a final (v) wave down to complete this leg down.

The bounce that follows should be telling.

I'm working on a count that may have this leg down complete. Check back later over the weekend.