Monday, 30 August 2010

20:17 BST - SPX Update - 1 min - immediately bearish count

Well, the market's got a sense of humour today. In my last post on the immediately bearish count I disposed of a count of three nested ones and twos and a leading diagonal from Friday's high. Subsequent action is forcing them back on me!

SPX 1 min - i-ii-[1]-[2][3]-[4] down from 1129.24:

If its nested ones and two, the first invalidation point is the wave 2 high at 1059.87. If its a leading diagonal, a rally that reaches the dotted blue line before we make a new low below 1053.57 would invalidate that.