4/3/12- EOD Update [7:50 PM Update]

[7:50 PM Update]

I added the subwave labels for the 2nd option in green to clarify the larger flat that may be in play if wave 2 red is breached.



EOD Update

SPX 60 Min

Looks like the red option is still in play here and still the best option at the moment. I believe there is a good case for calling the completion of wave 4 red.

If wave 5 red is in progress, one target would be the top of the ED trend line. Currently that would place Wave 5 near 1425 and higher as it ascends up the trend line.  Howver, wave 5 cannot exceed 1435.44 or it will be larger than wave 3, which is an ED rule violation.

I'll try to present a squiggle count later. There may be a case for counting five waves down from yesterday's high but I'm not completely sure.