Friday, 22 October 2010

19:29 BST - SPX Update on the bearish, moderately bullish and bullish counts

Quick update on the counts:


SPX 1 min - bearish count:

Its not clear if wave (2) is complete. There's room for it to go higher. 1185 is about the 78.6% retracement level.

The sideways action today suggests a corrective move, but whether it precedes another leg higher to complete wave (2) or the next leg lower remains to be seen.

Moderately bullish ending diagonal:

SPX 1 min - ending diagonal:

Here, wave (B) of [5] of the diagonal may have more to go to the downside, but can be counted as complete now.


SPX 1 min - bullish count:

As with the ending diagonal count, wave 2 may be complete now or may have more downside to go. If there's more downside, it has to stay above 1171.17 on this count.