Wednesday, 28 July 2010

15:59 BST - SPX Update

See the bigger picture in last night's update, but here are a couple of counts incorporating the move today:

SPX 1 min - (1)-(2)-1 down from 1020.95:

This count assumes yesterday's high was the end of a double zig zag from the 1 July low. Obviously, its invalidated above 1020.95, but for the count shown above, the first invalidation point is the wave (2) high at 1116.05.

Or, we're still in wave (3) of the [C] wave of that double zig zag and yesterday and today saw a wave 4 of (3) correction (see first 1 min chart at the end of last night's update, and see the count for the move down from yesterday's high on the following chart). Or, on the single zig zag count shown on the chart of Option 3, we're in wave (iv) of [c] of the zig zag or wave ii of (iii) of [c]:

SPX 1 min - wave [c] of minor 2 single zig zag:

This count is invalidated if we take out 1088.96 before making a new high (if we're in wave (iv)) or belwo 1065.25 (if we'r in wave ii of (iii).