 |
| SPX- Primary Impulse |
Just a slight change to this count. Yesterday I thought wave 4 was in progress but I believe today's rally may only just be capping off wave 3.
We will have to keep an eye for a protracted extension. Should this be the case, I will certainly make some more adjustments to this count.
The hourly MACD divergence continues to build but one thing the bulls accomplished today was breaking thru the hrly trendline.
 |
| SPX - Primary Corrective |
This count still works and its possible wave (v) may just throw over up to approximately 1310-1315 since wave 4 was a throw under.
The -ve MACD divergence continues to support this, however, look at the LT Repeat chart below as to how long the divergence can last.
 |
| Hourly MACD Trendline |
I've been waiting to see if the bulls would break through this. This is the first step in reversing the divergence that began at the end of November.
 |
| 50/200 SMA |
I posted this not too long ago. This favors the primary impulsive count.
 |
| LT Repeat |
Another chart I posted not too long ago comparing the current 10/4 rally to the 3/09 rally. Notice the -ve divergence and how long that lasted and what resulted from that?
And another one I've called my similarity chart. The gray TL is near 1330 at the moment.
