Thursday, 23 September 2010

15:32 BST - SPX Update - one more high to come in the absence of impulsive downward action?

We've taken out one of the downside levels I was watching yesterday, 1131.47, but not the next level at 1119.77 and with price action not behaving overly impulsive to the downside at present, here's the count I think we need to watch for further upside:

SPX 1 min - 5 waves from 1039.70 still in progress:

On this count, if we're in wave [4] of v, all we have to do is stay above 1110.27 and make a new high and put in 5 waves up from the wave [4] low to complete 5 waves up from 1039.70.