Monday, 26 July 2010

18:38 BST - SPX Update

The ending diagonal count, as labelled, will be negated if we move above 1112.98 because that would make wave (v) of the diagonal (see highlighted labels) longer than wave (iii).

If that happens, we're probably in one of the other counts shown, either a (i)-(ii)-i up or we're seeing wave (iii) of [c] play out today (you can see the count for 5 waves up from 1065.25 on the second chart posted in my earlier update):

SPX 1 min  - wave [c] of minor 2: