Here's a close up of the count from my last post:
SPX 1 min - bear count close up:
1097.23 is the level that, if taken out, will suggest an end to the rally from the August low, assuming wave (4) was a triangle. We've now hit the 78.6% retracement of wave i down.
Its possible that wave (4) ended at 1091.15, and we're seeing an impulse up from there. Today's rally would be all or part of wave 3 of (5), but there's not a lot of room for it to move up and the wave 4 pullback would have to be very shallow and wave 5 of (5) would have to be quite short. Still, if that's the correct count, then 1091.15 is the level that needs to be take out.
