6/18/14

The bulls and bears are still trying to figure this out. The best options I'm tracking.

Near term staying flexible within this 25 point range between 1950-1925.

Bull Count

 The option in yellow allows for a pullback near 1900 but a higher high would be expected afterwards.

ED

The ED option is still not out unless a new high is made above 1965.19. This is where wave v of 5 is greater than wave iii of 5, which is a rule violation for EDs. 

Triangle

The triangle, if correct, shows there is potentially more to go before the leg is complete. 

6/16/14

The bulls are struggling to recapture the upper yellow trendline. Now there is a daily MACD cross down. I think the edge goes to the bears here since there are 2 of 3 count options favoring some downside. As always we'll see.

6/13/14 - EOD Update

The bull options:

1. A wave iii of 5 launches early next week, assuming wave ii of 5 is complete.
2. A wave iv of a larger ED challenges the lower yellow trendline first before launching higher.

The bear option:

The ED is complete and the market should flush early next week.

6/13/14

Bears captured the first trendline. Can they reject price on the backtest?

The bulls still have two options. A wave i of 5 or a wave iii of a larger ED.

6/12/14

Been out of town. Backtesting the upper trendline. We'll see if it holds.

Daily

Those who believe in the ED wanna see the yellow trendlines fail.

ED

6/6/14 - AM Update

[11:29 AM] - For the bears counting on this ED count, SPX cannot pass 1965.19 or else wave v of 5 will be greater than iii of 5, which is a no-no for the ED per rules.

11:29 AM

6/5/14 - AM Update

[8:01 AM] - A breakout of the triangle and now a backtest. We'll see if the tri holds or not. If not, near term this lil leg may be done.

8:01 AM

6/4/14 - AM Update

[7:55 AM] - A possible triangle forming.

7:55 AM

6/3/14 - EOD Update

Three ways I'm tracking this, with two of them allowing for the completion of this leg that started back on 9/2011.

Option 1: The yellow ED is still working itself out. Once wave iii is complete, we'll be looking for wave iv.

Option 1a: All five blue waves are complete since 9/2011. A variant of this would have wave 5=1 at 2079 and .618 at 1996.

Option 2: All five waves are complete with a wave 5 ED to boot since 9/2011.

Option 1 and 1a

Option 2