Monday, 14 June 2010

20:33 SPX Update - Option 3

Here's the count that puts us still in wave [iv] of a leading diagonal down from 1219.80 (Option 3).

60 min chart:

And here's a close up from the wave [iii] low on a 3 min chart:

Again, it can count complete as a double zig zag, or wave (y) may still be in progress - we'd be in wave b of (y) at the moment, so a new high would be next.

All this has to do to remain valid is that wave [iv] has to be a zig zag type correction and the lines of the diagonal have to converge (the 60 min chart shows where they would be parallel). Currently, these requirements are met.