The pattern today does not seem to be complete for a corrective up move. We were looking for a 3 wave pattern, so we might see a continuation of the move up tomorrow. That said, our 60min chart put in a sell signal at the end of the trading day so this would have more credibility than our EW counts. The trends remain down, and todays move up did not manage to change our short term trend. Our Main-trend and short-term indicators allow us to trade in a manner that is simplistic and allows us to maximize a move in the direction of that trend, rather than going in and out of a day trading position causing stress and mistakes. We managed to close below the 20ma of the 60min chart today on the SPX and indicates a weak condition. A move lower would have us looking at the 1620 range.
Main-Trend: DOWN
Short-Term: DOWN
The intra-day chart has not been updated during the trading hour as I'm pretty busy of late, so there are a few triggers indicated where it was not updated real-time.
Note: None of these trade trigger arrows have been modified since we began tracking the intra-day signals. This is here to show temporarily how well our indicators work even on a day trading set-up.
I could possibly switch this to a Main and Short term trade trigger to map out our indicator sentiments above if everyone is more interested in it than the intra day triggers, but one can also update their own charts with the sentiments above if its easier. Eventually I will cease updating the intra-day triggers. The intention was for me to post it for a few weeks as an example.
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