Thursday, 24 June 2010

15:25 BST - SPX Update

Just two things to watch out for, one bullish near term, one bearish:

A possible expanded flat following a complete 5 waves down yesterday:

SPX 5 min chart:

If we get 5 waves down from where I have [W] then this count, as labelled, wouldn't work (but it may still do with some reconfiguration).

A possible 3rd of a 3rd count happening now:

SPX 15 min chart (see the alternative count):

I prefer the main count shown on the chart above, but the alternate is something to bear in mind. The alternate is invalid above where I have the "or (2)" label.