Friday, 18 June 2010

19:56 BST - SPX Update

In addition to the two ways to count the action since the high at 1118.74 that I showed earlier, here's another possibility, a leading diagonal to complete wave [1] of v. 

The wave [2] may still be in progress so may not necessarily be where I have the label. The action since that point hasn't been very impulsive looking, suggesting its still in a correction, but these things have a way of morphing into impulses.

Its also possible that the move up from iv is the whole of v and, therefore, an ending diagonal. We'd have to take out the wave iv low to prove this though.

SPX 1 min chart: