Friday, 6 August 2010

13:01 BST _ SPX 60 min chart Update

I'm still rather wary on the long side given how this chart continues to look:

SPX 60 min:

You can see why from the comments on the chart (and the comments made in relation to this chart previously) it seems to be warning that further upside, if any, could be limited. Of course, it may only take one forceful rally to eliminate the divergences highlighted - that's quite possible with the jobs report coming out today and there are wave counts that allow for this (see, for example, the bullish alternate shown under Option 4 in last night's update and the triple zig zag count just posted).