Wednesday, February 11, 2015


I'm going to simply let the charts do the talking for today's update.

Let's start with SPX 30-minute:

SPX 1-minute.  Note "the alternate count would obtain preferred status" applies only to the near term wave count:

INDU 1-minute:


And finally, COMPQ presents an interesting pattern:

In conclusion, there is something I'd like to add which isn't discussed in detail on the charts:  In the event yesterday's rally was a one-day wonder and we begin declining directly (as suggested by the near-term preferred count), then I think bears and bulls alike want to watch the zone near 2030 SPX very carefully as a potential support zone.  There is a chance that the last leg of the rally was an extended fifth of Wave (3), which would mean that we're about to embark on the second leg of a double-retrace to the noted zone -- and then head back up to 2073+ in Wave (5).

Intermediate-term, the preferred count remains unchanged for the moment.  Trade safe.

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