Monday, 4 October 2010

17:13 BST - SPX Update on the short term bullish count

On the short term bullish count, the triangle is out so we're left with a double zig zag for wave (iv):

SPX 1 min - bullish count close up:

Once this current move down bottoms, the high at 1148.16 is going to be important (that's where I have [B] of y on the above chart) - its the high of wave [2] in a potential impulse down on the bearish count, so has to hold if that count is playing out (see the previous post). If we take out that high, this short term bullish count is going to become more likely.