Friday, 24 September 2010

15:15 BST - SPX Update on the bullish and bearish counts

The bearish ones and twos down from the 1148.59 high has been invalidated. I have however got a [1]-[2] count that remains valid unless we take out 1148.59 - I've been trying to find a way to overcome the (1)-(4) overlap in wave [1] and think that the triangle shown in the chart below achieves that since the crucial point in determining overlap is where wave (4) ends - with the triangle for wave (4), it ends below the low of wave (1):

SPX 1 min - top in at 1148.59:

So, 1148.59 is the level to watch on this count.

However, the bullish count requiring one more high above 1148.59 (or 5 waves from the wave iv low) does seem  more likely, but you never know. Here's the bullish count:

SPX 1 min - one more high to come: