Thursday, 21 October 2010

18:57 BST - SPX Update

What was the moderately bullish count I've now re-named the bearish count. Here's what I'm seeing currently:

SPX 1 min - bearish count:

Be warned - as I said earlier, until we take out 1159.71, there's a risk that we only saw wave i of (v) at today's high, in which case, this count would revert to bullish.

Taking out the high at1181.90 at this stage is going to cause concern on this bear count.

Here's the bullish count:

SPX 1 min - bullish count:

The decline could be forming an A-B-C or it could be a W-X-Y, with W at the low of 1178.42. We have to stay above 1159.71 to keep this ocunt on the table.