Friday, 22 October 2010

14:39 BST - SPX Update - Still possible we topped at 1189.43

With the move above 1181.90, the close up count of the move from 1189.43 to yesterday's low  shown in Chart 2 of yesterday's end of day update has been invalidated. However, there remains a bearish count that may be worth keeping in mind. Here it is in close up, showing 5 waves down from the high at 1189.43 rather than the (1)-(2)-1-2 count that was previously labelled:

SPX 1 min - bear count close up:

This count has a rather out-sized wave 4 of (1), compared to wave 2 of (1). However, that doesn't invalidate the count, so I'll keep it on the table as the bear count until it gets invalidated by a move above 1189.43, when the more bullish counts shown in yesterday's end of day and subsequent update will come into focus.