Friday, 17 September 2010

17:51 BST - SPX Update: (1)-(2)-1-2 - if so, it had better get moving down

This really needs to get going to the downside if we have seen a top at 1131.47, otherwise, the risk, as in previous days, is that without the downside follow through, further upside remains and perhaps today's high was only wave (1) of [5], not the whole of [5]. For the moment, I'm labelling a (1)-(2)-1-2 from the high:

SPX 1 min - close up:

Still looking for it to take out that 1118.88 level.