12/12/11 - EOD Update

Looks like my initial suspicions were correct in calling a top last Friday. Clearly wave v did not extend and clearly the correction off the wave (a) had more to go.

I presented this option in the CiL this AM and so far this looks pretty good.

SPX - 30 Min

There is a lot of congestion near the day's low but it is very possible to count a nested 1-2 i-ii up. We shall see early tomorrow if this bounce is only an x wave bounce as I have listed as the alternate.

SPX - 60 Min Triangle 

I presented this count last week and I'm starting to pay more attention to this given the wild back and forth we have been seeing at the moment. Notice that my 30 min counts fits this scenario well  should wave E need one more push lower.

We should really start to pay attention to this if the market does not break through the upper descending trendline.