Tuesday, 29 June 2010

16:36 BST - SPX Update

On this count for SPX which I've updated from last night, we're in a 4th wave of some degree following today's sell-off, depending on where wave 2 of (3) ended:

SPX 5 min chart:

If wave 2 ended at 1082.60, then we maybe in wave iv of 3 of (3); if wave 2 ended with a y wave triangle at 1080.52, then we maybe in wave 4 of (3).

Whichever is correct, the invalidation points for the counts are very close together - those wave 1 and i lows which wave 4 or iv, respectively, cannot be breached, otherwise, the count will have to be reviewed.