Tuesday, 21 September 2010

15:38 BST - SPX Update: 5 waves up complete or one more high to come?

Its possible we've seen the end of 5 waves up from the August low, but the drop from yesterday's high doesn't look overly impulsive, although it is possible to count it as 5 waves down with a sideways correction now in progress. However, the alternate count on this chart (which I mentioned yesterday) suggests a further high might yet be needed:

SPX 1 min - 5 waves up complete, or one more high to come?

Unfortunately, I can't rule out the alternate unless we take out 1131.47 without making a new high first.