Wednesday, 27 October 2010

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

Here's what I'm looking at on the bullish and bearish counts at the moment:

SPX 1 min - bearish count:
We have to stay below 1187.11 for this count to remain valid. 

SPX 1 min - bullish count:
Its possible that wave iv has bottomed - I've relabelled it to an [A]-[B]-[C]. However, we could be in a subdividing wave [C] down if I apply the count shown on the bearish chart  for the decline from 1196.14, so again, I'm watching the 1187.11 level. If we don't take that out, we should see more downside either on this bullish count or on the bearish count.