Friday, 8 October 2010

17:58 BST - SPX Update

With what should have been wave (2) of [3]  (see my last post) being so shallow a retracement, the alternative I mentioned in the last post, that the rally from 1155.58 was the whole of [3] seems like a better count currently:

SPX 1 min:

Taking out the wave [4] low at 1162.79 would increase the odds in favour of this. However, be aware that 5 waves up from 1151.41 could be wave [1] of v, not the whole of v - we have to take out the low at 1151.41 to confirm the end of the rally from that low.