4/18/11 - EOD Update

EOD Update


I presented these options at the close on Friday. I've moved the Minor 4 triangle to the top of the list as far as what I think may be going on. However, I think the other two are still very valid options.

I like how the lower channel (parallel to the 1-3 line) also forms the lower trendline of the potential triangle.







Need to watch for a potential repeat like this.

4/18/11 - 10:15 AM Update

10:15 AM Update



Still liking this as the primary now. I'm thinking wave w may be near complete or is complete and an x wave bounce back to the 5 SMA(at 1312) before heading back down to complete wave [c]. I will leave room for the possibility that wave [c] is complete though too. 1312 is also the 38% retracement of this drop from the 4/8 high.

7:19 AM Update



Really starting to like this as the primary option.

Pre Market

Based on futures action, it would be safe to say that wave x of Minor 4 is done and y is underway.

4/15/11 - EOD Update

EOD Update

The inverted head and shoulders is still intact and the market closed back above the 20 day SMA. I believe the reversal hammer has been confirmed with today's price action as well.

The market may be setting up for a move back to the 1340 area.

Inverted Head and Shoulders

SPX - 5 Min

Here's my primary count at the 5 min interval. Looking for a final fifth up to complete five waves up which represents either a wave 1/A. Notice the alternate on there as well.

Below are three options of the bigger picture.

MINOR 3 TOP OPTION

Based on the 5 min chart, the market may be working on wave a of x.

MINOR 4 TRIANGLE

Perhaps an ascending triangle is in the works? If so, again, the five wave impulse up may be wave a of [d]. As with all triangles, they take time to play out so we'll just have to monitor for three-wave structures to see if more subwaves are required.

MINOR 3 IN PROGRESS

This is the most bullish scenario but one that must be respected and monitored.

4/15/11- 11:30 AM Update

11:30 AM Update



Unless this reverses dramatically into the close, that hammer looks like it will be confirmed.

Not too far off since the 8:07 AM Update yes?


Here it is cleaned up a bit. I say five waves up. Looking for three down and at least another five up. 1325 looks like a good target.

8:07 AM Update



7:45 AM Update



Setting up a nice impulse. Keep the double ZZ in mind though too.
Pre Market


That wedge is looking good right now.