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Thursday 2 September 2010

16:21 BST - SPX Update: 1 min chart updated

If the wave 4 of (C) low was at 1076.20, then it looks like we still need another high above 1087.11:

SPX 1 min - i-ii-[1]-[2] from 1129.24, close up from 27 August:


If we take out 1078.59 on this assumed wave iv of 5, then it will seem more likely that wave 4 bottomed at 1076.22 and that the 5 waves up from there completed wave 5 (but until we take out 1076.22, the risk that it was only the 1st wave of wave 5 remains).

Today's high would be a nice place for a top - wave 5 of (C) is 78.6% of wave 1 of (C) at 1087.11 and we've retraced 78.6% of the decline from 1100.14.