Friday, 3 September 2010

20:04 BST - SPX Update: 1 min - one more high, or did we top at 1105.10 on the bearish counts?

In my last post I speculated whether we had completed 5 waves up from 1040.88 at 1105.10, which, on the bearish counts, should mark the end of wave ii. Here's an update on that possibility, but also showing how we could count the move up from 1094.99 for that last wave up that was expected:

SPX 1 min - from 1105.10:

You can see that on the basis of the alternative labels for one more high to complete wave ii, we have to stay above the high at 1098.95 if we are currently in wave iv of 5 of (5) of [C]. If we take that out before making a new high, then it increases the chances that the top for wave ii on the bearish counts was at 1105.10.