Friday, 6 August 2010

20:09 BST - SPX Update - Remaining counts for the immediately bearish case

Well, that didn't work either. So these are the options for the immediately bearish case of a zig zag/double zig zag that completed at 1128.75:

SPX 1 min - top at 1128.75:

If this rally is wave iv then we must not end wave iv above 1118.81. If it does, then the alternative count comes into play and I'd count a truncated end to wave [c] of minor 2 at 1126.56. The alternative count would obviously be invalidated above 1126.56 and focus would turn to the triple zig zag count I posted earlier and the other bullish possibilities.