On the most bearish count, the potential leading diagonal I mentioned in the last post didn't work out because the bounce off the low at 1056.22 has meant there's no longer converging lines. The ones and twos count from Friday's high is a possibility, but it would now be three sets of ones and twos, if I keep the labels as they were in the last post, which may be unlikely. This leaves the following:
SPX 1 min - i-ii-[1]-[2]-[3]-[4] from 1129.24:
Its not the greatest of counts because within wave (1), there would be a very large wave 2 and a very small wave 4. However, it is there and for this immediately bearish case, may be the best available count.
We'll have to see if the market will now follow through as it should on this count. It will be invalidated of we take out the high at 1062.31 in this assumed wave 2 of (3).
