Thursday, 24 June 2010

19:30 BST - SPX Update

As well as the possible [1],[2],(1),(2) shown earlier, here's a possible count that might also account for what has, so far, been a moderate reaction to what looks like 5 waves complete at today's low (on the bearish counts):

SPX 1 min chart:

It shows a possible extending wave [5], so the bounce from today's low would be wave (2) of [5]. It will be invalidated above 1099.64. Although I show it as complete, it hasn't quite retraced 50% and could clearly run up further, provided it stays below 1099.64.