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Friday, 23 July 2010

18:44 BST - SPX Update

The bearish count shown in last night's update has been invalidated with the move above 1099.08, but the alternative double zig zag I showed during the course of yesterday is still on and is only invalidated above 1131.23.

SPX 10 min chart - Option 2:



This chart relates to Option 2 but is the same count for the other bearish Options, namely 1, 4 and 5, but with the degrees of the labels needing adjustment.

Here's the close up on the 1 min chart showing the move from 1065.25:

SPX 1 min chart from 1065.25: