Wednesday, 28 July 2010

18:28 BST - SPX Update

If we topped yesterday, here's how the (1)-(2)-1-2 count is looking now:

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

The count is invalid above 1116.05, but won't rule out a continuing wave (2) - that's only invalid if we take out 1020.95.

If we're still in the single zig zag (or only in wave 4 of (3) of [C] on the double zig zag count), we may have had a complete wave (iv) of [c] and be on the way up now in wave (v). However, we might need to retrace more of wave (iii), in which case, the move off today's low may only be a wave x in a continuing wave (iv):

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