Friday, 15 October 2010

19:42 BST - SPX Update: alternate 60 min bullish count which implies less upside than the main bullish count

Here's an alternative on the bullish count shown on Chart 3 on the 60 min counts page:

SPX 60 min - Option 3:

This count makes the 1184.38 high wave iii of (v) and the action since would be wave iv, possibly as a triangle. It would limit the size of wave v of (v) to 28.67 points, which is the length of wave iii, since wave iii is shorter than wave i.

This count would be invalidated if we take out the wave i high in an assumed wave iv. That high is 1163.87.