Wednesday, 11 August 2010

15:16 BST - SPX Update - 1 min chart

For the bearish counts which have us having topped at 1129.24, here's the 1 min chart I posted yesterday brought up to date with today's drop. I've amended the degrees for the decline from 1127.16 to show us in only wave (1) of [3] at the moment. If its right we're possibly in wave 4 of (1) (but we could still be in wave 3). If we're in wave 4, I've shown the retracement levels and, of course, we can't end wave 4 above 1119.42:

SPX 1 min:

Of course, its not impossible that today's low is wave [3] and we now go sideways in wave [4] - if this is playing out, we can't exceed the wave [1] low at 1111.58.

Please also remember that bullish possibilities remain until we drop below 1088.01 - see last night's post for details.