4/6/11 - EOD Update [4:50 PM Update]

[4:50 PM Update]



Because of that little spike higher today this is something to consider. I kinda like it. The max length for wave 5 red is 1343 (to be safe let's just say 1344). Anything above and this count is incorrect.

[2:31 PM Update]


Here's a 1 min chart showing the move off today's high as a corrective count. I've been trying to see if there is a way to count it as impulsive but I have yet to find a way. Don't forget though that it may still represent the first leg of a corrective move down so just because it's corrective doesn't mean it can't put in a lower low.

EOD Update

The market remains above key levels and MAs so we'll have to just lean towards the ascending triangle pattern once again. I believe it is still intact and was initially faked out this AM.

Below are several count options. I'm not too sure which one I believe more than the other so let's just see what happens with this consolidation up here.









This last chart shows a potential flat in the works that may target 1330 and possibly 1320. Just keep this one in mind.

4/6/11 - Pre Market

[5:50 AM Update]

I will add that an alternate view is that the leg down from yesterday's high was only wave a of e so this AM's opening bounce may only target 1335 for wave b and then a third leg down for c of e back towards the trendline.

Pre Market [5:28 AM PST]

It's always nice to wake up to see one's potential count confirmed. There's a very good chance wave e of the ascending triangle is complete as depicted in yesterday's EOD post. 1338 is the key level to breach to confirm.

Copper is also on the move. A very solid candle stick there on the daily. Let's see what it does at the upper trendline if it gets there.

4/5/11 - EOD Update [4:40 PM Update]

[4:40 PM Update]

SPX 5 Min

If the ascending triangle as depicted below is correctly playing out, the above 5 min chart highlights what may be the completion of subwave e right on the trendline.

One alternative to that would be is the structure there represents the first leg of a double zigzag for e and therefore may be labeled a wave w of e, and x wave bounce and then one more wave y back down to the trendline.

EOD Update

SPX - 60 Min Primary

Still quite a few options on the table. This is my best guess at the moment. Frankly I may like my pink ALT labels better.

The best thing to focus on at the moment is that potential ascending triangle though. Keep an eye on 1330.15, which is the wave c low of the tri. A break below that and it may signal an end to this leg up.

Will post more later.

4/5/11 - 7:35 AM Update

Red tri or blue tri?