Wednesday, 4 August 2010

19:06 BST - SPX Update

On the bearish count which has a single or double zig zag top at today's high (see earlier posts), we really need to take out the 1116.76 low because with the essentially sideways action continiung, the possibility remains that we are still in the 4th wave of [C] of the zig zag or second zig zag. Here is a possible triangle sketched onto the bearish count:

SPX 1 min - zig zag/double zig zag complete or 4th wave still in progress: