Here's the bearish count - the drop from today's high does have a 5 wave look about it, so we may have seen the c wave of Y of (2) truncate. Beware, its possible we're still in wave (2) or even [2], so I'm watching the highs where I've placed those wave labels, 1148.16 and 1149.59:
SPX 1 min - bearish count close up:
Here's the short term bullish count - the triangle I've outlined will be invalidated if we take out 1136.08, but that still leaves the potential zig zag which I have as the main labelling. Either could be playing out at this stage:
SPX 1 min - short term bullish count close up:
Today's low could be the e wave of the triangle, but the move up from there doesn't look impulsive, so we may well have another drop below today's high to come to complete it.
For the bigger picture on these counts, see the 60 min counts page. The bearish count is shown under Options 1 and 2, while the bullish count is shown under Option 3.
