Tuesday, 15 June 2010

22:58 BST - SPX Update - Option 4

Option 4 has us in minor wave Y down from 1219.80, for an intermediate [X] wave which will lead to another zig zag up from March 2009, once complete.

Wave [a] of Y ended at the 1040.78 low. We appear to still be in wave [b], which could well be complete at today's high:

15 min chart - Option 4:

If this is the correct way to count wave [b], then we should soon see a decline in wave [c] of Y. If wave [b] should be counted as an (a)-(b)-(c) instead of (w)-(x)-(y), then the (c) leg (which would start where I have placed the (x) wave) may have more to go, depending on how you label that move as an impulse.