Tuesday, 15 June 2010

23:29 BST - SPX Update Option 2

Option 2 has minute [i] down from 1219.80 complete at 1040.78 and we are now retracing that decline in wave [ii].

We're currently in wave (c) of [ii], which started at the low of 1042.17.  There are many ways to count that move, but probably all of them, when it comes to trying to count an impulse, have something awkward about them. The one I've shown counts the best, in my view, after taking into account today's action. It requires a dip in wave [4]  before new rally highs to complete the (c) wave:

4 min chart - Option 2:

(Note: the degree of the labels I've used suggest this is only i of (c), but, following today's action, I think this wave may be large enough on its own to constitute the whole of (c) - I'll need to see how it looks once its complete).