Tuesday, 29 June 2010

19:36 BST - SPX Update

That drop to the low of the day does look like three waves, suggesting it was part of a corrective move. So, I think we're still in a 4th wave here, despite the new low (which would be the B wave of wave iv in this chart):

SPX 5 min chart:

Remember from the earlier post, the low marked iii could be 3 and this correction could be 4. The levels to watch for invalidation of these counts are 1074.73 (invalidates the wave iv count) and 1074.63 (invalidates the wave 4 count).