Wednesday, 25 August 2010

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

Obviously, if this count is correct, we can't take out today's low, so it could be invalidated quite quickly:

SPX 1 min close up:

If we do have a wave [3] low, the retracement levels are shown. They assume we're only retracing the decline from 1181.58 in wave [4] of iii. This means we can't end above the wave [1] low at 1063.91 (its not visible on this chart but you can see it in the first chart in yesterday's end of day update).

If we take out today's low, the labelling will need re-adjustment - it may be we will be getting an extended wave (5).