Thursday, 21 October 2010

16:34 BST - SPX Update

Well, its possible that we've seen 5 waves up from 1159.71. Here it is on the moderately bullish count:

SPX 1 min - moderately bullish count close up:

We have what looks like 5 waves down from today's high - now we need to see any retracement stay below that high.

Until we take out the 1159.71 low, however, the risk of further upside remains since we could just have seen wave i of (v) complete at today's high. Taking out the 1159.71 low would eliminate this possibility.