Wednesday, 22 September 2010

15:13 BST - SPX Update: possible (1)-(2) down from 1148.59

With the rally from yesterday's late low looking like 3 waves, here's a provisional labelling which assumes that yesterday's high was the top of the rally from August, but the alternate count remains a possibility until we take out 1131.47 without making a new high first (wave (4) may have formed or be forming a triangle (see blue dotted lines) - this will be eliminated if we drop below 1136.22):

SPX 1 min - possible (1)-(2) down from 1148.59: