Thursday, 29 July 2010

15:21 BST - SPX Update: Bearish Count

We took out the wave 2 high at 1112.41 today, but that doesn't kill the bearish count just yet. With the way the market came back in from today's high, the possibility remains that we topped at 1020.95. We would now have an expanded flat type correction for wave (2):

SPX 1 min - Double zig zag complete, (1)-(2) down:

The invalidation point is the 1020.95 high, so not too far away.