Thursday, 17 June 2010

19:51 BST - SPX Update

Funnily enough, its the bearish count that seems easier to make on SPX at the moment. On the bullish count, its difficult to see impulsive movement from today's low, but of course, it may still be in development. Or, we may still be in the 4th wave - maybe its forming a triangle.

Anyway, here's how I'm currently counting the action for the bearish counts:

SPX 2 min chart:

Obviously, however, until we take out the levels mentioned in my previous post, there remains a risk of the further upside even on the bearish counts.