Monday, 2 August 2010

17:20 BST - SPX Update

If we're in the single zig zag up from the 1 July low for minor 2, we may just have completed wave (iii) of [c] of minor 2. If that's the case, wave (iv) must stay above the wave (i) high at 1104.32:

SPX 1 min - wave [c] of minor 2 single zig zag:

If we take out that high within an assumed wave (iv) pullback, then we may have seen the completion of the potential triple zig zag count:

SPX 1 min - triple zig zag from 1 July:

This count could well be complete at today's high. Remember, it needs to stay below 1131.23 if we're in Options 1, 2, 4 or 5 (see the 16:25 BST update). Taking out 1094.09 without a new high today would increase the likelihood that this count is playing out, although the intial indication of this might be if we take out 1104.32.

Don't forget the much more bullish count shown on the  bullish alternate chart under Option 4 on the 60 min counts page:

SPX 1 min - impluse up from 1 July:

Its also possible that within the single zig zag count shown above, wave [c] is only in wave (i) up, as depicted in this count, so there may be alot more upside even if we're only in a minor 2 correction from the July low.