Thursday, 10 June 2010

15:53 SPX Update

This is the [A]-[B]-[C] count for wave ii of (iii) of [iii] referred to in the ES post below, shown on a 3 min chart of SPX:

We've retraced 61.8% of wave i so far and hit the downtrend line which represents the upper line on the leading diagonal count. Its difficult with these straight up opening moves to tell what the waves are, so if this is a [C] wave, there are reasons to think its complete (fib retrace level and fib relationship to [A]), but its really not possible to say for certain. Sometimes the market is like that!