Tuesday, 17 August 2010

14:55 BST - SPX Update; 1 min chart close up

This does look like it needs another high to complete a clear looking 5 waves up from the low I have as [B]:

SPX 1 min close up:

If we get it, the question will be whether its all of [C] or just wave (1) of [C]. We'd need to take out the [B] wave low to avoid the possibility of an extending [C] wave.

If we don't get a new high and drop below the high I have as wave (1), it will look like 3 waves up, but it may be one of those waves with a small 1 and 3 then an extended 5 - see the wave from [4] to [5] on this chart.  Again, even if this happens, the high today may only be part of [C] until we take out the [B] low.