4/13/12 - EOD Update

** I updated the 15 min and channel chart below.

SPX -15 Min

There are still a few options near term but I believe the bears have the advantage at the moment.

Here is what I believe may play out in order:

1. Pink - A wave (3) gap down come early next week ***

2. Blue- The bulls somehow manage to hang on and save the 1357 low and launch a wave 3 up early next week.

3. Green - The Bears provide a bull trap by launching a wave y up to 1400 and then resume the sell off.

4. Red - This one is really not that relevant but still a valid count.

*** Note the 2 year bull chart below. The pink count may still apply to this one as well.

SPX - 2 Year Bull

 Should the pink count play out above, this would most likely represent wave [c] of Minor 4. Note that a wave [c] extension of .618*[a] places the market near 1347.

SPX - 2 Year Bear

Now should the bears really come out to play, the pink option would apply towards a more bearish move down to either 1324 ( [3]=[1] ) or 1284 ( [3] = 1.618*[1] ).

Two channels to keep an eye on.