Friday, 11 June 2010

15:50 SPX Update

With the big reversal back up from the intial sell off, we could well be looking at one of the more bullish counts in play. Last night I posted the moderately bullish count which would put us probably still in wave (ii) of [iii], with yesterday's high being wave 1 of (C) of [Y]. See here

If that's playing out, we probably had wave 2 of (C) down and are now in 3 of (C). Having said that, today's drop looks impulsive, so not like a wave 2 at all. So, perhaps we are still in the ii of (iii) of [iii] count, which would now look like this:

Remember, as per my post this morning (see here) we could go to 1105.67 without invalidating this count, so there is still room on this count for higher prices. And of course, we shouldn't ignore the even more bullish possibilities I laid out in this morning's post.