4/4/12 - EOD Update [9:04 PM Update]

[9:04 PM Update]

SPX - 10 Min 

Why I caution if this move down is five waves. Just something to think about.


EOD Update

SPX 5 Min

Its hard to say for sure. I don't really like the case for five waves down since internally the subwaves are just a tad bit too choppy for my taste.

I think a wxy is more appropriate but we must still be mindful of a five wave move down here.

SPX 60 min

The wave 4 red option is pushing it here. If it still an ED, this  would be considered a throw under.

Things to consider against the ED:

1. The market closed below its 20 day SMA
2. There is a count option below that would indicate the ED is complete
3. The trend line from Dec 2011 was breached and wave 4 is starting to look a little out of proportion

If the case against the ED proves to be correct, we must start to identify what degree wave 4 the market could be in. I am leaving it open to a minute or minor degree as you will see, the RUT may be indicating that a minute [4] on SPX is playing out.

RUT

Perhaps RUT is showing the way here. This would be equivalent to a minute [4] flat playing out for SPX.

SPX - 60 Min ED Complete Option

SPX - Daily Bollinger Band