Wednesday, 1 September 2010

17:03 BST - SPX Update: Bullish Counts Update

Here's an update on the bullish counts I've been following (last update can be read here)

Chart 1 - 60 min - single zig zag from 1010.91 still in progress:

This count currently has us in wave (i) of [c] of minor 2. 

Here's a close up of this count, picking up the above chart from the low at 1039.83 on 25 August:

SPX 1 min - from 1039.83 low: 

If the labelling from the [b] wave low is correct, once wave [3] of iii tops, wave [4] must stay above the wave [1] high at 1055.14, otherwise the labelling is invalidated. It wouldn't invalidate the whole count, because the count from the high at 1129.24 shown on the charts below could also be applied here. On those counts, we could still be in wave [B] of y if that high of 1055.14 goes leaving only 3 waves up from the low at 1040.88:

Chart 2: 60 min first bullish count under Option 4 - impulse up from 1010.91:

Chart 3: 60 min - second bullish count under Option 4 - leading diagonal up from 1010.91:

All of these counts remain valid provided we stay above the July low at 1010.91.