Wednesday, 25 August 2010

16:27 BST - SPX Update: 1 min close up

So far, it looks like 3 waves up from the low today. I've labelled it as wave (W)  followed by a wave (X) in anticipation of more upside if we are in wave [4] of iii, but its possible that we're still in wave C of (W):

SPX 1 min close up:

The risk is that today's low was only wave 1 of (5) of [3] and now we are really only in wave 2 of (5) of [3], so that wave (5) of [3] is extending. Since wave [3] ended in the area I mentioned at the end of yesterday's end of day update, I'll stick with the assumption that we're in wave [4] for now. If we take out the B wave low at 1041.62, it'll start looking like the extended 5th wave may be playing out.