Tuesday, 28 September 2010

19:23 BST - SPX Update: Last chance for the immediately bearish count

Its now an 88.6% retracement, so it had better start dropping now if this labelled count is to survive:

SPX 1 min - (1)-(2) down from 1149.92 - last chance:

Taking out that B wave low at 1142.47 might be the first encouraging sign, though not conclusive, that this count might be playing out, but it has to be done in an impulsive manner. Until then, I'd expect more upside, perhaps in the count shown in my last post.