Wednesday, 18 August 2010

15:19 BST - SPX Update; 1 min chart bullish count

This is one to watch out for on the bullish count. Although we haven't invalidated the [1]-[2]-[3]-[4] count I showed last might (see here), with a supposed 4th wave retracing  about 61.8%, thoughts have to turn to something more bullish: a [1]-[2]-(1)-(2):

SPX 1 min bullish alternate under Option 4:

Still, watch both the invalidation points since both counts remain in play - the wave [4] count is invalidated below 1082.62. The more bullish count in the chart is invalidated below 1075.16.