SPX completed a potential five-wave advance from this morning's low. Moreover, the proposed 4th wave is likely a triangle (Chart 1). This makes today's low a line in the sand for the near term. Chart 2 updates the larger count, still aiming for the green point 9 and purple point 11.
[1250pm] INDU update -
See Rolling Over (2/24/12) for details.
[1110am] ES update -
ES back testing near term broken channel. Chart 2 shows an imperfect but acceptable bearish setup with defined risk/reward.
