Thursday, 10 June 2010

22:38 SPX Very bullish count update

I can't say I'm enamoured by this count if we're supposed to be in wave [iii] up. Its either extremely bullish with all those 1,2's, or its extremely wrong! 

I'd say maybe we're still in wave [ii], so the low at 1042.17 was just wave (a) of [ii] and we're now in (b), but given that we were less than 2 points away from taking out the 1040.78 low with wave [ii] as labelled, it wouldn't leave much room for wave (c) down. Still, stranger things have happened. 

If we're in this very bullish count, I think it needs to start acting like it pretty quickly, otherwise it just becomes very doubtful.