Wednesday, 18 August 2010

19:50 BST - SPX Update: 1 min - Possible bearish alternate count

Here's another possible bearish count to consider - if we count 5 waves up from the 1069.49 low, that could be wave [C] of an expanded flat wave ii correction. This means placing the wave i low at 1076.69. Here it is on the chart of Option 1 (so the degrees of the labels used are one less than the degrees I've mentioned and which appear in the previous 1 min charts):

SPX 1 min - expanded flat for 2nd wave:

So, further hope for the bear case, but obviously, until we see an impulsive decline and take out the low at 1069.49, the risk of further upside, whether in the double zig zag referred to in my last post or from the bullish counts, can't be ruled out.