Monday, 23 August 2010

15:02 BST - SPX Update: 1 min close up

Here's a possible count into a wave [2] corrective high, with wave (C) being about 1.236 x wave (A). However, I'm not really seeing any divergences between price and the technical indicators at the moment, so this could well turn out to be wrong:

SPX 1 min close up:

Its possible that the rally from Friday's low could be wave (A) of [2] only so we'll eventually see more upside, perhaps to the 61.8% retracement level, so be prepared (also, we may still be in wave 4 of (C) if my labelling is otherwise correct)