Friday, 27 August 2010

18:49 BST - SPX Update: 1 min close up

The wave (2) of [5] of iii count has now been invalidated with the move above 1061.45, so on the main bearish count, I'm looking at today's move as wave [4] of iii. As shown in the last post, this needs to stay below either 1063.91 or 1070.66, depending on where you place wave [1]. Here's the close up:

SPX 1 min close up:

Taking out the low at 1055.80 would suggest that wave (Y) is probably complete. Until then, the wave I've labelled C of (Y) could go higher.