Friday, 3 September 2010

14:36 BST - SPX Update: 1 min: One more bearish count eliminated, 2 left plus three bullish counts

The i-ii-[1]-[2] count has been invalidated with the rise above the 1100.14 high, so from chart 1 in yesterday's end of day update, that leaves the i-ii count from the 1129.24 high:

SPX 1 min - i-ii down from 1129.24 high:

The next retracement level to watch, if price doesn't turn down from here is 1110 which is the 78.6% retracement level.

This count, like the expanded flat wave ii count shown in chart 3 in the above update will be invalidate above 1129.24. Above that level, the bullish counts (see the last update on these by clicking here) will come into play.