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Wednesday 7 July 2010

16:50 BST - SPX Update

Here's another way to count a complete double zig zag at today's high:

SPX 1 min chart - double zig zag complete at 1045.37:


But, as mentioned in my previous update, we may just be seeing wave [A] of the second zig zag:

SPX 1 min chart - double zig zag in progress:



I'm showing [A] as complete, but the 5th wave may still be in progress, so there may be more to go on the upside. 

Obviously, this count also has a lot more upside potential once wave [B] completes.

If we take out today's high then each count will need to be reviewed.