Thursday, 26 August 2010

16:23 BST - SPX Update: Watch out, this may be wave (B) on the alternate counts , with (C) up next

With the count for a top on the main bearish count, we have to be careful here because on the alternate counts for the decline from 1029.24, we've retraced 38.2% of what I have as wave (A) in a zig zag for wave [2] (or ii). Since it looks like 3 waves down from today's high, this could be wave (B). So, we could now be headed up for wave (C) if one of those slightly more bullish counts is actually correct:

SPX 1 min - alternate counts for the decline form 1129.24: