Friday, 11 June 2010

23:04 BST SPX Update

Nothing much changed with today's action. All of the counts I showed this morning on 60 min charts are still in play - see here.

The one that's closest to being negated is option 1a which has us in a [i],[ii],(i),(ii), i,ii down from 1219.80. That will be negated if we trade above the wave (ii) high at 1105.67.

I'll just show the close up view of that count tonight, which could be very close to a conclusion:


I like this one over the other possibilities that I see for today's gyrations because it takes account of my view that the initial drop today and the rally that followed immediately after (before all the sideways action) look impulsive.

If this count is correct we may only have a wave 4 and 5 within (C) to complete [Y] and ii. The fib extensions shown are of wave (A) within [Y]. So far, the correction channel for this move has been respected. It may be broken as the (C) wave finishes, but a quick reversal back into the channel might provide an indication that this rally is over. 

More charts to follow over the weekend.