Wednesday, 4 August 2010

15:30 BST - SPX Update

Here's the most bearish count for SPX, showing the completion of a second zig zag (but it could apply to the completion of the single zig zag shown on the chart of Option 3 also) at today's high:

SPX 1 min - [X] to [Y] of a double zig zag from 20 July low:

And here it is close up (at one degree higher) showing the wave (3) high, wave (4) and today's wave (5) rally:

SPX 1 min - end of double zig zag from 3 Aug:

We need, however, to take out the wave (4) low at 1118.07 to avoid a possibly extending 5th wave and then follow that up with a decline that takes out 1104.32 and then 1088.01 as discussed in last night's update.