Friday, 30 July 2010

15:33 BST - SPX Update

Following on from the potentially bullish count (at least near term) posted in relation to the chart of Option 3 earlier on, here's the bearish case, although the alternate count likely involves more upside in wave [2] (I have to say that it doesn't look very nice as a wave [1] down when viewed on longer time frames):

SPX 1 min chart - nested ones and twos down or wave [1] down complete:

The nested ones and twos is invalid above 1107.60, while the complete wave [1] down is invalid above 1120.95. If that is taken out, we're likely in the continuing single zig zag shown earlier.