Tuesday, 20 July 2010

16:58 BST - SPX Update

If we completed 5 waves down at today's low and are retracing up in a second wave, here's a possible count (today's low is the invalidation point):

SPX 1 min chart - 5 waves down to 1056.88:

If we're in the more immediately bearish nested ones and twos down, here's a possible count with wave [3] continuing to subdivide:

SPX 1 min - wave [3] in progress:

Taking out the wave (2) high would invalidate this count.