Monday, 2 August 2010

16:12 BST - SPX Update

The count that has us in a single zig zag from the 1 July low is looking pretty good at the moment - see the count shown under Option 3 in Friday night's update.

This is potentially where we might be in that count:

SPX 1 min - wave [c] of a single zig zag for minor 2:

I'd put us in wave (iii) of [c], with today's strong push up being wave iii of (iii). We're probably now looking for wave iv of (iii) to play out, If this is correct, we mustn't drop below the wave i of (iii) high at 1100.13 in wave iv. If we do so without making a new high first, then something else is playing out.