Tuesday, 27 July 2010

17:01 BST - SPX Update

Continuing on from my earlier post, the decline from today's high probably looks more corrective, so could well be wave (iv) of [c] on the single zig zag count shown on the chart of Option 3, or 4 of (3) of [C] shown on the charts of Options 1, 2, 4 and 5 and the chart I posted earlier.

However, if we have topped in the double zig zag count, the corrective look of the decline may just be because we're forming a (1)-(2)-1-2 down:

SPX 1 min chart - nested ones and twos from 1120.95:

The count is invalid if we move above the wave (2) high at 1116.81, so we could know pretty soon whether or not this is a possibility.