For those of you who do not follow me on twitter (click on the link towards the right side of the page) or in the
real time chat room (CiL), I apologize if you were not able to see these charts earlier during the day here.
It is much easier to push out counts and adjustments to those counts via twitter/CiL. So check there also through out the day as I update my counts along with the 1 min squiggles when I have time.
As for today, I see13 waves up. It's nice to be prepared for that.
The market has now put in the necessary waves to count a complete impulse wave up. However, does it want to push for 21? The daily MACD supports this but the hourly and lower time frames does not at the moment.
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| Option 1 |
My primary count. With the completion of 13 waves, this is how it would count as a compete impulse wave. However, on this chart, I have left room for the possibility of an extended 5th wave. I do this because of the potential triangle option below. The market may be indicating to us that it is consolidating before it's next move higher.
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| Triangle Option |
I presented this option during the day today. I have also made some adjustments with the alternate labels.
The alternate count for this option works well with the primary count I have been tracking for some time now as highlighted below:
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| Primary - 60 Min |
Using the triangle option above wave a grey is complete and wave b is a triangle before wave c up completes wave [b] red.
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| SPX - 60 Min |
Compare this chart to the TOS 60 min chart above. Those are interesting similar patterns.
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| TNX |
The 10 year yield may be looking at a little rally here as well, which is positive for equities.
