1/13/12 - EOD Update [Sat 1/14/12 Update]

[Sat 1/14/12 Update]

A Top Is in Count

I forgot to include this count I posted intraday yesterday considering that the top is in. This would complete Intermediate (B) (see primary daily below).

Lets see if wave ii red is rejected at the underside of the broken channel near 1295.

If this is the case, Intermediate (C) may be underway to complete a large zigzag that started last Feb 2011.

Should the market rally to a new high above 1296.66 as per the primary, then this count will be scrapped.

SPX - PRIMARY IMPULSE OPTION

I wanted to add the 90 day (60 min) view of the primary impulse option. MACD is going to be interesting to watch here. Not only is it -vely diverging with price, it is also coming up to a supporting TL.

Should it bounce here or turn up from here, it just may confirm this count option.

EOD Update


The market chose to delay the start of the fifth and final wave for both the impulse and corrective option counts and remains in an approximate 15 point range between 1280-1295.

The sell off today found support at the 13 day EMA.

SPX - PRIMARY IMPULSE OPTION

I made an adjustment to my primary impulse option, which at this point appears to fit today's wave action.
I also continue to remain cautious due to the continue negative divergence between MACD and price.

SPX - PRIMARY CORRECTIVE OPTION

This option remains valid but is starting to lose its ending diagonal shape so the market needs to complete wave (v) early next week or else this count will be tossed out.

SPX - PRIMARY DAILY COUNT

A refresher of the primary daily view for the bigger picture.

13 EMA