Tuesday, 12 October 2010

15:20 BST - SPX Update on the impulse from 1131.87

Here's Chart 2 from yesterday's end of day update, brought up to date with today's action. If we completed an impulse up from 1131.87 at the 1168.68 high, I've shown an alternate way to label the decline from there which puts us in wave (4) of [1] down currently. This wave would have to stay below the low labelled (1) at 1164.30 for the immediately bearish count to remain valid:

SPX 1 min - impulse from 1131.87 complete?:

The alternate labelling of a subdividing wave v of (v) will only be invalidate below 1151.41.