I added some more Fib extensions for each count option. There is a confluence at 1355 and note where the blue label extends to if 5=1 and if 5=1.618x1.
[5:30 PM Update - Golden Section Target]
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| SPX - 30 Min - |
Most of my readers have seen this technique before. I'm still unsure of its success rate but thought I'd present it yet again.
See here for more on this.
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| Golden Section - Wave 5 Extended |
EOD Update
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| SPX 30 Min |
I believe the market may have setup a gap and go situation for tomorrow per the blue labels. If that does not occur first thing, I'm watching for a potential ED to complete this wave up since 1/30/12.
Notice the Fib confluence 1360. May be a target.
Earlier I had a wave iv triangle label on the chart. I removed it for now so as not to clutter (isn't it cluttered enough?) the chart any further. Should the market triangulate here we'll bring it back.
Pattern-wise this does still look like a bearish rising wedge off the early AM sell off.
This is all I have for today. Just trying to figure out if this puppy is extending or will be ending soon.
