Monday, 16 August 2010

16:18 BST - SPX Update: 1 min chart from 1129.24 high

Well, three possibilities at the moment for this action. Here's a 1 min chart from the 1129.24 high:

SPX 1 min from 1129.24 high:

1) wave [4] was a triangle ending at 1083.28 and we had 5 waves down to today's low to complete wave i. We're now in wave ii up. today's low at 1069.49 must hold for this to remain valid; or

2) as above, but the 5 waves from the end of the triangle to today's low was only wave (1) of [5]. For this to remain valid, we must stay below wave (E) of the triangle at 1083.28; or

3) wave [4] is a running or expanded flat, so we have yet to see wave [5];