Friday, 1 October 2010

19:19 BST - SPX Update on the bullish and bearish counts

For the bearish count, this is what I have to go with at the moment:

SPX 1 min - top in at 1157.16:

I'm still looking at 1149.59 as the invalidation point, but  if that gets taken out, we could still be in wave [2] provided we stay below1157.16. 

For the short term bullish count shown in the pre-market post (see here) I'd have to assume we're still in wave (iv) since there doesn't seem to be a compelling impulsive move to the upside from where I had labelled wave (iv) at 1136.08, other than one which looks best as part of an on-going correction:

SPX 1 min - waves (iv) and (v) still in progress: