Thursday, 23 September 2010

17:09 BST - SPX update on the bullish an bearish counts

On this bullish count, it looks like we need another leg up to complete wave (1) of [5]. If the labelling is correct, and we're in 4 of (1), we have to stay above the high of 1 of (1) at 1127.66 in an assumed wave 4 correction:

SPX 1 min - one more high to come:

The same count for the move up from today's low could be applied to the bearish count, so one more high needed to complete wave c of 2 (see the second chart in the last post). However, its possible that wave 2 is a w-x-y not an a-b-c and that y of 2 is complete with the move up from today's low being a complete zig zag:

SPX 1 min - top in at 1148.59:

If we take out the high at 1127.66 mentioned above under the bullish count, before making a hig habove 1136.77, then this count will become the most likely.