Tuesday, 15 June 2010

23:54 BST - SPX Update Option 5

Option 5 has alot of bullish potential. It assumes that intermediate wave [X] completed at the 1040.78 low and we are now in wave [iii] of minor A of a zig zag for [Y] or [Z].

It can be counted in the same , way as I've shown for Option 2 but I've shown a more bullish way to label the move from 1042.17 in the chart below:

8 min chart - Option 5:

Obviously, any drop below 1042.17 would eliminate this count.