Tuesday, 26 October 2010

15:18 BST - SPX Update on the ending diagonal counts for the 5th wave up from the August low

Its possible that the completed ending diagonal count shown on Chart 1 of yesterday's end of day update is playing out. However, I'll be questioning it if we take out the low at 1186.36 before we take out today's low to make 5 waves down from 1196.14:

SPX 1 min - completed ending diagonal:

If we do that, and even more so if we take out 1191.44 while we only have 3 waves down from yesterday's high, I'll be looking to the unfinished ending diagonal that was shown on Chart 2 of yesterday's end of day update:

SPX 1 min - continuing ending diagonal: