Friday, 30 July 2010

14:54 BST - SPX Update

With 1088.96 being taken out today, the main count shown on the chart of Option 3 (see last night's update) which had us in a single zig zag up from 1 July requiring a wave (iv) of [c] pullback to stay above 1088.96, is now invalid. However, beware of this alternative, that the 1120.95 high was only wave [a] of minor 2:

SPX 10 min chart Option 3:

The drop from 1120.95 would be wave [b]. This is the count I was originally looking at for this single zig zag count, and its still a possibility Something to be aware of until we take out the 1010.91 low.