Monday, 27 September 2010

19:54 BST - SPX Update: Still waiting for impulsive action to the downside to confirm the end of 5 waves up from August

With the lack of real impulsive downside movement, the trend remains up and the risk that 1148.90 wasn't the end of 5 waves up from the August low played out. Here's a count showing 5 waves into today's high:

SPX 1 min - 5 waves up from August lows complete?:

However, until something impulsive happens to the downside, this can just continue grinding up. A 5 wave move that takes out the low I've labelled as wave [4] of v at 1143.73 would be a start.