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Mar 19th, 2010: Interesting OPEX Day

Posted by pugsma on March 19, 2010

6:45pm EST:  First off congrats to my Purdue University Boilermakers in winning their opening round game vs Siena in the NCAA Tournament today.

Now that the channel from the 1086 low has been broken, I have the primary count that we are in an abc-x-abc double ZZ for wave 2-[5] down to about 1141.  As an alternate, we must keep open the option that this a simple abc 3-3-5 flat off the 1169.84 top for wave 4-v-(5) of 1-[5].  Notice the SP-500 bounced right at my calculated value for flat low of 1155.  Hmmm….Maybe a new high near 1178 early next week?  Watch for a back-test of the broken channel around 1164 early Monday in the b-leg of the 2nd ZZ.  If it breaks back inside the channel the alternate count could be in play.

Have a great weekend!

5-min Chart (EOD):

15-min Chart (EOD):

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