Wednesday, 22 September 2010

19:55 BST - SPX Update: on the immediately bearish count, impulse down from 1148.59 in progress

Referring to the two bearish counts in my last post, I don't like the fact that we took out the low of the diagonals in what's meant to be wave (2) or 2. It doesn't break any rules, but I'm thinking this may be the better count for the move from the high at 1148.59 (the chart is slightly different from the charts I've been showing for the 5 waves up from the August low - its from Friday's end of day update and on this one, wave [4] isn't a triangle, but otherwise, its no different from the previous chart):

SPX 1 min - impulse down from 1148.59 in progress:

At the high of 1137.23, c=a so if this count is right, it could be done now. This count will be invalidated if we take out the high at 1144.38.