Tuesday, 26 October 2010

17:29 BST - SPX Update

The bearish count showing a top at 1196.14 now needs to stay below 1191.44 in order to remain valid:

SPX 1 min - ending diagonal complete:

The continuing ending diagional may have started its 5th wave up:

SPX 1 min - continuing ending diagonal:

If we take out 1177.72, I'll start to question this count, but it won't be invalidated unless we drop to the blue dotted line before making a new high above 1196.14.

On the bullish count, we may also have started the next leg up:

SPX 1 min bullish count:

If we drop below 1177.72, this might start to look questionable, but won't be invalidated unless we take out 1159.71.