5/26/2020 - EOD Update

Looks like the market had a few more squiggles to go and as I suggested on Mon 5/18, I suspected maybe the market hits 3k first. For da bulls, if today's pop finalized wave 1 of (3) of (5), we should look for that wave 2 to be bought.

For da bears out there this shows a completed zigzag.

The battle is now at 3k. We'll see. 

SPX - 60 Min

5/20/2020 - EOD Update

Looks like five waves up for wave 1 off my wave (2). If that is the case, then I would expect wave 2 to retrace 1 somewhere near the 50% retracement level, which would also fill that gap below on 5/18. I don't show it below but the 38% retrace lines up with the 20 day SMA as well.

SPX - 60 Min

5/18/20 - EOD Update

Didn't get a chance to post a Fri update. As I posted recently, we had to keep in mind that wave (2) may have completed as a flat and so far the market is giving that option a pretty good probability of playing out.

SPX -  60 Min

I apologize but my 60 min chart is getting pretty busy with the labels. To keep it simple, the daily chart has this breakout as wave 1 of (3) of (5) for the bullish count. If wave 1 is done or when it completes (maybe tags 3k first), wave 2 should properly retrace one in that 38-50% zone.

If the larger bear count is playing out this would represent wave 1 of c of (b) orange.

SPX - Daily

5/14/2020 - EOD Update

Got that gap down and looks like that wave 5 completed. The bulls stepped in to save 2800.

The market completed an 80 some point reversal to launch what appears to be a wave ii of c of (2) bounce.

Keep in mind the alternate options I have presented recently.

1.  It's quite possible wave (2) completed with today's completion of five waves down.
2. The more bullish alternate is still in play so long as 2727.10 holds. Not sure how much credence to give this but it is certainly an option. 

SPX- 5 Min

SPX - 60 Min

The daily below for a wider view.

SPX - Daily

5/14/2020 - AM Update

Looks like today's open is gonna gap down into wave 5 of i of c of (2) to challenge the 2800 level once again. Keep in mind yesterday I posted the possibility that wave (2) could be wrapping up as a flat with this last gap down for wave 5. So instead of this five wave structure counting as wave i this may just be all five waves for wave c of (2). MACD is indicating otherwise but just keeping that in mind.

SPX- 5 Min

 If the bounce at the close yesterday was wave ii of c of (2). Today's opening would equal to wave iii down of c of (2). c=1.618*a at 2705.

SPX - 60 Min

5/13/2020 - Mid Day Update

[Update]

This is what the squiggles look like

5 Min

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Something to consider is a wave (2) flat ending with today's touch of the 2800 level or thereabouts.

We will just have to see. Some form of bounce off 2800 will occur, whether for wave ii of c of (2) or the start of wave (3) higher.

First, let's keep an eye on this current flush as some form of extended wave 3 of i of c of (2).  Breaking 2800 will help confirm that.

SPX- 60 Min

5/12/2020 - EOD Update

The market put in a little head fake at the open and reversed course to produce wait I count as five waves down for wave i of c of (2).

SPX- 60 Min

A look at the squiggles down.

5 Min

5/11/2020- EOD Update

Looks like the market needed a few more squiggles to complete wave (c) of b of (2). The alternate extra bullish nested (1)-(2), 1-2, i-ii count is still in play.

SPX - 60 Min

5/11/2020 - AM Update

I can count five waves up for wave (c) of b of (2). Well see though because 2898.23 has to break first, which is the wave (a) high, to rule out a five wave impulse for the alternate extra bullish nested (1)-(2), 1-2, i-ii count.

SPX - 60 Min

5/8/2020 - AM Update

Still waiting for wave b of (2) to complete and still keeping an eye on the more bullish alternate.

SPX - 60 Min

5/5/2020 - AM Update

Wave b of (2) complete or nearly complete? Note the bullish alternate is still in play so don't be too committed to the bearish wave c of (2) play just yet.

SPX - 60 Min

5/1/2020 - EOD Update

Looks like the market confirmed the end of the first five waves off the COVID-19 low to start the month off.

On my 60 min chart below, I have that marked off as wave (1). I have cleaned up some of the other counts and will treat these first five waves as wave 'a' for the bearish alternate.

The bullish alternate is that wave 1 of 5 completed. Wave 2 of 5 is underway.  This option is ruled out with the break of 2727.10; the wave 2 overlap into 1 violation.

Today's decline so far looks like five waves may be counted. So from the top of this wave structure we'll go with wave a of (2).

Targets for wave (2)  is a wide range based off past support and Fib retracement levels. I'm keeping an eye on the 2600-2800 range. I'll have a better idea for projections once wave a of (2) and wave b of (2) complete.

SPX - 60 Min

SPX - Daily

Here is the DOW. Five waves up.

DJI - 15 Min

5/1/2020 - AM UPDATE

One last hurdle to confirm wave (5) is complete. As mentioned previously, 2844.90 is the level to break to confirm.

The bullish alternate is that that wave 1 of (5) completed with that break. This option would be invalidated with a break below.

The primary bearish alternate is a w-x-y. Working on wave b of y now.

SPX - 60 Min