Monday, 2 August 2010

16:25 BST - SPX Update

And this is a possible alternative count if we do take out the high at 1100.13 without making a new high first (see my post at 16:12 BST below) or if we don't make 5 waves up from Friday's low:

SPX 1 min - triple zig zag from 1 July:

This count obviously depends on the high at 1131.23 remaining intact. If its taken out, then we're not in a wave (ii) correction. Instead, we'd probably still be in wave [ii] - see the alternate count on the chart of Option 2 on the 60 min counts page - and the single zig zag count for the move up from the 1 July low would likely be playing out for wave (y) of [ii].

Note, the count shown on the chart isn't necessarily complete, so we could still make a new high and still be in this count, provided we don't complete 5 waves up from Friday's low.