Showing posts with label CHANNEL. Show all posts
Showing posts with label CHANNEL. Show all posts

Friday, July 2, 2010

SPX BULL OPTION


Here's an update to my bull option that I posted yesterday with an alternate count (in gray) as well. The primary count on this chart shows that minuette (a) of [y] is nearing completion and a bounce to (b) should occur before dropping one last time in wave (c) to complete Minor B down.

The alternate in gray shows that Minor B may be complete. Not too sure about this one but this may go with the possible daily MACD divergence that has a potential to develop if the market rallies.


Overall it's still a bearish looking environment especially with our Death Cross this AM. However, this chart I believe should be watched and kept in mind.
Here's a channel and possible support trendline to keep in mind.