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Wednesday, 16 June 2010

22:25 BST - SPX Update

Well, another day and still all the options I'm following remain on the table.

Here they are in close up:


Option 1 - Wave (ii) of [iii] down nearing completion if not complete today:


4 min chart - Option 1:








Option 2 - Wave [i] down from 1219.80 complete at 1040.78, now in (c) of [ii] up:


4 min chart - Option 2:







Option 3 - Still in wave [iv] of a leading diagonal:

5 min chart - Option 3:



Option 4: - In wave Y of [X] down from 1219.80. Currently completing [b] of Y:


15 min chart - Option 4:



 Option 5 - Completed wave [X] down at 1040.78, now in minor A up:

8 min chart - Option 5:

In respect of Options 1, 2 and 4, I mention the possibility of a further rally high because at the moment the decline from today's high looks like 3 waves only. Here's the count (its the same as I've shown in the chart of Option 5):

4 min chart - Alternative count for rally from 1052.25:



Not much more to say at this stage except that on the 60 min chart, the bearish divergences in the MACD histogram (since 9 June) and RSI (since 14 June) suggest that a turn down of some degree should occur soon. But, of course, these divergences can continue for a while before price actually turns down.