Tuesday, 24 August 2010

16:15 BST - SPX Update: 1 min chart close up

If this labelling is correct, we've retraced 38.2% of wave (3) in this wave (4) of [3]. Combined with the median line of the black pitchfork on the 15 min chart in my previous post, this would be a really nice place for this rally to end:

SPX 1 min close up:

Let's see if it plays out or not or if we have to start giving some thought to the other counts.