Monday, 20 September 2010

17:13 BST - SPX Update: 5 waves complete or nearly complete for (3) of [5] or the completion of an ending diagonal?

On both counts shown in the last two posts, I'm looking for 5 waves up from 1123.97. It may have completed at 1138.54, but there's possibly still one more high needed as shown on this chart of the ending diagonal:

SPX 1 min - ending diagonal complete or nearly complete:

At today's high, wave [C] of y is about 1.236 x wave [A].

If we have completed 5 waves up at 1138.54 then taking out 1131.47 or, as explained in the last post, 1128.12, would certainly help to increase confidence in a top of some sort, perhaps the completion of the ending diagonal. That would be confirmed as complete on this labelling if we drop below the low of wave iv at 1114.63.