5/4/12 - EOD Update

[9:40 PM Update]

SPX - 5 Min

No doubt that wave c/3 is extending and I think this is the best interpretation for now.

EOD Update

The bears decided to party on. Option black and pink are rolling along just fine and blue is now in jeopardy.

The bears managed to get a daily and weekly bear cross, however, the bulls defended the 13 week EMA.

SPX 30 Min

SPX - Daily

Lower BB as the target?

Daily Bull Option

Still looking to see what type of Minor 4 is in play here. The breakdown out of the red channel may be hinting that Minor 4 is in play.

Check back over the weekend because I have started to put together separate charts that break out the individual options from the chart above.

Minor 4 Tri Option

Here is one such option. Lets see if the lower TL holds.

Fractal/Similiarity

Here is a follow up to this chart I posted a few days ago. The H/S below would play in well with this.

5/3/12- EOD Update [9:15 PM Update]

[9:15 PM Update] 

SPX - Daily Bull

 Here is an update on the daily bull option with the minor 4 alternates.

SPX - Minor 4 Triangle Option

Here is an isolated view of what the minor 4 triangle might look like. Volatility for the next 2 - 3 months.

I will start to create separate charts to help make it easier to follow these options.

SPX - Minor 3 Option

Don't forget about this option. Minor 3 may still be forming here since it is channeling perfectly. We'll see if this last long enough to form a minute [5] to cap off wave 3.

 EOD Update

SPX - 10 Min

The bears need to hold the horizontal line to keep the bearish count alive. There is a +ve MACD divergence.

SPX - 30 Min

Getting close to the blue option target but it can go either way. NFP should be the catalyst tomorrow.

SPX - Daily 

A test of the 20 day SMA at 1385?

SPX - 60 Min

H/S top in play. So far the bounce near the end of the day is testing the broken neckline. Lets see if the bulls try to rally back over.

5/2/12 - EOD Update

[9:34 PM Update]

Just something to think about.




EOD Update

Earlier today I tweeted the near term game plan and so far the market is on track.

SPX - 10 Min 

I can't say for sure if wave b is complete here but it surely looks like a bear flag as well as a head and shoulders top.

SPX - 30 Min

Options black, blue and pink are calling for a third leg down either as a wave iii or c. Option green was removed.

One alternate to option blue is that wave 2 completed today at 1394 at 38% of wave 1.

SPX - 60 Min 

A bear flag, a backtest of the 20 SMA and potential head and shoulders pattern may be favoring that next leg down.

Option 3

Option blue from the 30 min chart above would go with this chart.

Bearish Case

 Option pink from above goes with this chart.

Minor 4 Flat Option

Option black goes with this chart.

EOD Update

Yesterday I provided a 5 min alternate chart, which played out today. With that final move high, I made some slight adjustments to the color coordinated options below on the 30 min chart.

SPX 10 Min

Note the potentially bullish nested 1-2 i-ii setup.

SPX 30 Min

I think I like the flat scenario the best at the moment since the DJI may be hinting at the same. Granted DJI may be setting up an expanded flat since it posted a new high over the 4/2 high.

We'll have to keep watch though because the bullish SPX counts also may to DJI.

SPX - Minor 4 Flat 

 This corresponds with the black option on the 30 min chart above.

DJI posted a new high over 4/2.