SPX - 1 MinHere's the 1 min view of the primary with the alternate leading diagonal count. Keep in mind there are 3 options on that chart.
1. Wave 4 completed a w-x-y and wave 5 began.
2. A Leading diagonal for wave a of 4
3. A leading diagonal for wave 1 of a larger degree 4
[4:22 PM Update -INDU]
INDUINDU is pointing towards a new high. It has a much clearer zigzag down at the top vs the possible LD for SPX. 15 min MACD crossed up through it's signal and zero line as well.
[4:11 PM Update - CSCO]
CSCOHold your horses everyone. Let's not start sounding the alarm bells again for the nth time. Yes CSCO is taking a hit after hours and what not but let's take a look at the charts to get a pulse of the action.
I presented this chart last week. So far, the sell off after hours has this configuration in a wave 2 pullback. We'll see in a few days if the count is legit.
EOD Update
Primary CountWith the early clues from ES this morning, I began keying in on the alternate options presented yesterday. One being that wave 3 blue completed or a possible wave 4 flat targeting the 1315-1320 level.
Sure enough it looks like we got a bounce at those levels. Whether 3 blue completed, or a flat, or parts of 4 blue is in progress, remains to be seen. For now I will label 4 blue complete with the option that today's dip was part of a double zigzag or combo for 4.
That is all I have for now. This leg surely seems like it is on it's last legs so we'll see if a new high, possibly at 1330, is made.
Here's a 15 min chart of the primary. 1308.86 is the level to watch, which would be a clue this leg up is most likely complete.
WAVE 5 ExtensionHere's an update to the wave 5 extension chart presented yesterday. If this is correct, minute [iii] may be complete and we may have witnessed the begging of wave 4 down.
See chart below for the bigger picture for minute [iii]. A new high of course would rule out the above chart and confirm that the primary count is still in play.
