On the bullish count posted earlier, the wave [4] drop is getting a bit deep, but the count remains valid so far. It now looks better as a (W)-(X)-(Y):
SPX 1 min - bullish count:
Remember, this count is invalidated below 1168.68 (in which case, my attention will turn to the more bullish count referred to over the last several days - see yesterday's end of day update and Chart 3 on the 60 min counts page).
On the bearish count, we could be getting an extending wave (5) or a diagonal (as to which, see the blue lines I've drawn in):
Its also possible, as mentioned in the last post, that where I have wave (3) of [1] is actually the whole of [1] down and we're now in wave [3] down. If this decline starts to extend, I'll certainly be thinking more closely about that possibility.
