Thursday, 5 August 2010

14:42 BST - SPX Update

The ending diagonal as I had it labelled yesterday has been invalidated because today's decline has violated the low of what would have been the 2nd wave in the diagonal. This is suggesting the end of the zig zag/second zig zag. If that's so, here's a possible count, using the 4th wave triangle I mentioned yesterday (this uses the degrees shown on the chart of Option 3):

SPX 1 min - corrective top?

I managed to find an impulse wave up from what I have as the 4th wave the C leg of the zig zag/second zig zag.

Taking out yesterday's high invalidates this count for a top. If we have topped, we want to see 1116.76, 1104.32 and 1088.01 taken out in impulsive fashion. Until we take out 1104.32, this could still be a 4th wave.