Monday, May 16, 2011

SPX Daily - Monday, May 16

@ 4 PM
The triangle was invalidated on the COMPX, but will leave the labels for now on the SPX till we get more clarity.

Alternate would be a minuette wxy instead of minuette abc.



@ 3 PM
I can't be the only one wishing for a fast forward button on this market....
What looked like a nice abc for Minute 4, has turned into a quandary....

COMPX does not look like a triangle anymore. 

@ 1 PM
That ought to be "complex" c wave of the triangle, if it is one.
That also means waves d and e should be simple zigzags.
Triangles do require patience......

@ 12 Noon
Minute 4, a triangle or a combination, continues to develop.


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