Thursday, 23 September 2010

15:56 BST - SPX Update: Close ups of the bullish and bearish counts

Here's a close up of the chart shown in the previous post:

SPX 1 min - one more high to come close up:

But this is how I'd count it for the more bearish case which assumes a high was put in at 1148.59:

SPX 1 min - (1)-(2)-1-2 down with 2 as an expanded flat:

On this count, if c of 2 fails to take out the a of 2 high, it would be a running flat rather than an expanded flat. 

I can see 5 waves up from today's low, but it may be a (1)-(2)-1-2-3. If we drop below 1131.04 before making another high, the latter will be eliminated so we'll be left with 5 waves up. We'd then need to see today's low taken out if this bearish count is in play. Until then, the buliish count would seem more likely.