Thursday, May 12, 2011

SPX Daily - Thursday, May 12

@ 4 PM
Very good chance of this count unfolding as major indices and PM's need to finish a 5-wave impulse off of today's low to complete their respective counts.
@ 1 PM
A slightly different count than posted earlier today, that we are in abc flat of Minute 5. We have finished the a and b, b came very close to start of a, and we just need a 5-wave impulse off of today's low to finish c of Minute 5 of Minor 5 of Intermediate C.

Wave c is allowed to go much higher  than wave b.

This looks a lot more probable because a 5-wave impulse from today's low for COMPX, DOW and RUT also completes their respective wave count.


@ 11:30 AM
SLV Count Updated

@ 11 AM
We are still within the realm of an expanded flat minuette ii correction.
However, an alternate count would be that Minute 4 is not a single zigzag, but a combination correction. That would again raise the question about diagonals being 3-3-3-3-3 structure.

If 1329 is breached on the SPX then, the alternate count would become preferred.
Or if 12,520 is breached on the DOW.


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