Thursday, 19 August 2010

17:12 BST - SPX Update: 1 min close up

Here's my favoured count for today's move down, updated from earlier:

SPX 1 min close up:

Again, it could be counted as a complete wave (1) down to the latest low at 1070.66, in which case, instead of a wave 4 of (1) bounce, we'd get something deeper for wave (2). Also, although I've put in the wave 3 label, it may still have more to go. It looks like 5 waves rally close up, but it might just be the 1st wave of wave 5. I think it would look best if wave 3 did end at the curent low, but I'm not in control!