Tuesday, 17 August 2010

15:41 BST - SPX Update: 1 min chart close up

If this is a triangle, we should see that 5th wave:

SPX 1 min close up:

The height of the triangle is 3.68 points so we could add that to the break out level for a possible target for wave (5) - I think its about 1092 if we break up soon.

If we've had the C wave low of the triangle (the second touch on the lower blue line) its at 1085.91 - taking that out in a wave E would invalidate the triangle. If we're still in wave C, we can't take out the wave A low at 1085.37.