Friday, 8 October 2010

16:52 BST - SPX Update - bullish count wins: impulse or ending diagonal for wave (v)?

So, the bullish count wins. Its possible  that wave (v) is forming an ending diagonal starting at 1131.87, as shown on the following chart:

SPX 1 min - wave (v) in progress - possible ending diagonal:

If its labelled correctly, then wave iv of the diagonal needs to stay above the black dotted line, otherwise, the diagonal is invalid and I'll be looking for a straight impulse wave up from the 1151.41 low. As to that, here's the close up:

SPX 1 min - bullish count close up - looking for 5 waves up from 1151.41:

Its possible that the high labelled (1) of [3] is the whole of [3] - if that's the case, wave [4] must stay above the wave [1] high at 1161.09. If we take that out, I'll assume that the labelling above is correct. If we drop below 1155.58, this impulse wave up from 1151.41 will be questionable and I'll be focusing then on the ending diagonal possibility.