Tuesday, 20 July 2010

19:33 BST - SPX Update

This count wins as far as the bearish case goes:

SPX 1 min - 5 waves down to 1056.88:

If the labelling is correct, it can be counted as complete. However, if its an [A]-[B]-[C], it may need one more push up to compete 5 waves from where I  have wave [X] (which would be a [B] wave low).

Beware that the bullish count shown on the chart of Option 3 remains very much alive, as does the continuing double zig zag which is less bullish, but will still involve more upside than we have seen today - see last night's update for these.