Tuesday, 22 June 2010

13:49 BST SPX Update

In addition to the bearish count I showed in last night's update, with waves [1], [2] and, possibly [3] down complete, here's a count that puts us still in wave [1] down, so, once complete, we will see a deeper wave [2] retracement:

SPX 1  min chart:

We may still be in wave 4 of (3). Once we have waves (4) and (5) complete for wave [1], I'd expect a 50%-61.8% retracement in wave [2]. Obviously, the bullish counts shouldn't yet be disregarded, so any retracement up needs to be watched carefully - the 1131.23 high clearly can't be taken out for this count to stand.