Thursday, 19 August 2010

15:12 BST - SPX Update: 1min close up

We'll have to wait and see how this develops, but here's a provisional count for this early sell off:

SPX 1 min close up:

This may turn out to be too bearish and we may now have completed wave (1) down from yesterday's high. On this labelling, if we are in iv of 3 of (1), we need to stay below 1087.77 in this wave iv. If we don't, I'll probably consider wave (1) complete at today's low and so we would then be in wave (2), with an invalidation point at yesterday's high.