[7:53 PM Update]
 |
| DJI |
I keep forgetting to post my DJI chart. The last time
I posted this.
EOD Update
Looks like AAPL gave the bulls a little pick me up. Shorter term, I have to favor the black and green counts, however, the pink count (tho adjusted again) still should make some bulls a little cautious.
 |
| SPX - 15 Min |
If the bears really want this, their most bearish count should be coming to a close here. From here a sell off down to 1290-1300 needs to occur or else the bulls are going to either push for new highs over 1422 or keep the market range bound between 1422-1357 before launching to new highs.
 |
| SPX - W bottom |
SPX closed above its 20 day SMA, which looks like an attempt to confirm the W bottom.
 |
| McClellan Breadth Thrust |
Lets keep an eye for a potential breadth thrust. If so, there is a good chance that Minor 5 is in progress.
 |
| MINOR 4 - FLAT OPTION |
Note the W bottom and a tag of the upper Bollinger band would coincide nicely with the Minor 4 flat option. Refer to the bullish 2 year chart below for the bigger picture.
 |
| SPX BULL OPTION |
1. Minor 5 is in progress.
2. Minor 4 is working out a flat
2a. Minor 4 is working on a triangle
2c. Minor 4 may be working on a zigzag (low probability)
RUT appears to have completed a wave 4.
 |
| SPX - BEAR CASE |
The game is not over for the bears yet but the bulls are trying to put an end to this count and to the head and shoulders pattern.
 |
| BEAR CASE |
The bulls need to make a new high above 1422.
