Wednesday, 25 August 2010

19:29 BST - SPX Update: 1 min close up: top in or close if we're in wave [4]?

If this is wave [4], although we haven't yet reached the 38.2% retracement, we have filled today's gap down, so its possible we could have topped here or be about to complete a top:

SPX 1 min close up:

Waiting for a 5 wave move down and a 3 wave retracement would be the safer course if you're not into trying to pick tops, however.