Monday, 20 September 2010

15:04 BST - SPX Update on the bearish counts

Here's the immediately bearish count, calling for a decline now - its invalidated above 1131.47 and that could happen very quickly:

SPX 1 min - top in at 1131.47:

Taking out 1123.97 would help this count, but 1118.88 remains the focus for the bear case for now.

Otherwise, a further high in the ending diagonal count shown as an alternate on the following chart may be likely:

SPX 1 min - ending diagonal: