Friday, 24 September 2010

20:08 BST - SPX Update: 5 waves up from August low complete?

If we take out the low at 1145.85 now, I'd be inclined to go with the labelling in this chart because taking out that low would invalidate the (1)-(2) of wave [5] that I mentioned in the last post, so we'd have wave [5] ending at 1148.81:

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

However, if we take out 1145.85, I then want to see a swift move to below the low at wave (W) which was labelled as wave [4] in the previous post and I want to see all of this happen in a 5 wave impulsive move.

However, if we can't take out 1145.85, I think we have to continue to expect further upside.