Friday, 15 October 2010

15:36 BST - SPX Update on the bullish and bearish counts

Despite the decline today, the bullish count remains intact, though I find it difficult to describe today's action as bullish. Still, here is what I think may be happening on this count:
SPX 1 min - bullish count:
Until we take out 1155.71, this remains on the table. It has room to drop further, therefore, but may be complete at today's low.
Here's the bearish count:

SPX 1 min - bearish count:
It does look like a nice impulse in the making. I've labelled a partially complete impulse for wave (1) of [3], so a new low below 1167.12 may result in a bounce in wave [2], but I'll have to see what it looks like if it happens. It may be that we've already completed 5 waves down - its difficult to tell. I'll just have to watch the how we retrace.