Tuesday, 28 September 2010

17:57 BST - SPX Update: Do we still have more upside to come before 5 waves from the August low are complete?

If we don't start showing some impulsive downward action soon, I'm going to start thinking that this count (shown on a close up of Option 3 - see the 60 min counts page) for 5 waves up from the August low may be playing out:

SPX 1 min - 5 waves up from August low still in progress?:

If we take out the high at 1149.92, then it becomes the most likely count. Whether wave (v) will form as an impulse or as a diagonal, we'll have to wait and see, but a diagonal would be a possibility, with the 1st wave ending at 1149.92 instead of where I've placed it. 

So, this is something to keep in mind as we fail to make any downside progress.