Wednesday, 1 September 2010

14:45 BST - SPX Update: 1 min: wave completed wave iii of (i) down from 1129.24 and now in wave iv?

The main count on chart 1 from yesterday's end of day update which put us in a (1)-(2) within wave [5] down has been invalidated with the rise above 1065.21 today. Its possible we're still in wave [4] of iii down, but for the moment, since it will be the next count to be invalidated if we rally further, I'm showing us in wave iv of (i) down. Wave iv can't end above the wave i low at 1069.49. Here's the chart:

SPX 1 min - from the 1129.24 high - i-ii-iii-iv down: