Thursday, 7 October 2010

14:44 BST - SPX Update on the (1)-(2)-1-2 count

The options for the immediately bearish count are narrowing. This was my least favourite way to count the decline from today's high, but, other than a big expanded flat for wave [2], it may be the most likely bear count - its invalidated above 1158.72. In that case, the expanded flat wave [2] will be the bear count and its not pretty:

SPX 1 min - top in at 1163.87 or still in wave iv:

The move up from today's low could be counted as 5 waves for wave [1] of v on the alternate labelling on this chart and that possibility stands until we take out the low at 1151.41.