3/15/13 - EOD Update

I've added this 5 min chart highlighting the potential truncated fifth or yet another triangle in the works. We should know pretty early next week what it is going to be.

5 Min

Has the SPX finally seen the end of this leg up off the Feb 26 low? We'll see. I'm watching the hourly divergence (see the last chart below).

10 Min 

60 Min 

60 Min Divergences

3/14/13 - EOD Update

Almost there. Close to an all time intra day high and close.

60 Min

3/13/13 - EOD Update

Near term the bulls and bears are battling it out again.

5 Min 

Bulls in blue. Bears in red. Who will prevail?

60 Min 

I tweeted earlier that I'll be keeping an eye out for a potential tri or flat. This could very well be playing out if the bulls do not push the market over the 3/12 high. This would represent a tri or flat for wave {iv} as the alternate.

3/12/13 - EOD Update

Did the bulls just buy another dip? It is very possible.

The market finally came within 7/10 of a point of the head and shoulders target I have had on my 60 min chart. It also looks like five waves up can be counted as complete.

Will the bears every show up?

SPX is still dragging behind the DJI, which posted another all time closing high. SPX has yet to surpass it's 2007 all time high.

3 Min 

Bears need to act tomorrow at the open if they want to start something, otherwise the bulls are looking to march higher and challenge the 2007 high.

60 Min