Thursday, 28 October 2010

14:46 BST - SPX Update on the bearish count

On the bear count, the count  shown on Chart 1 in yesterday's end of day update has been invalidated with the move above 1187.11. That leaves the count for 5 waves down from 1196.14 which I showed on Chart 2 in yesterday's end of day update, which means the bear count stands until we take out 1196.14. Or, there's this count which is invalidated above 1191.44:

SPX 1 min - bear count: expanded flat for wave 2 of (3) down:

So, 1191.44 and 1196.14 are the levels to watch to keep the bear count alive.