SPX Charts

See update below -

SPX 60m - Look what has shown up at the bottom of this chart - the lower P2 support line (blue dashed) near 1155. So now we can clearly see the rising wedge ending/consolidation area on one chart. Eerily similar bottoming pattern here to set divergence. Gaps are brown rectangles. Questions I have received on gap coverage are bountiful. My answer is that the market will leave gaps. They are like magnates and should eventually get covered, but this is not a law of any sort. With a P3 and the impending volatility, it should theoretically leave some massive holes along the way. There is a good chance these gaps will not get filled. If they do the bears better look out. It will take a very powerful move to crack that lower dashed support line, so what I do like is that if we are in a 3 and a 3rd of a 3rd is coming that will be what is required to get thru that line.

SPX 30m - 1175 is proving to be resistance now. If I had to target the top for this corrective it would be in the 80 to 85 range. Anything above 87 invalidates most EWT counts out there. If that resistance line on RSI can hold and the series of lower highs (red arrows) can continue, the bears are still in the game and trend change is in near term. Looks like there should be one more pop to get the sell signal. Look at the last two lows, they slowly consolidate then pop up quickly. I'd look for the same here to the 80 - 85 area. If it gets over 87 all short bets should be very concerned. The daily lower BB and 50ma have price stalled right now.

SPX 1m - Of course this H&S could be about to bust loose down to 61 as well.

UPDATE - Fun to be able to post things like this back to back. 

 GL!