Monday, 4 October 2010

19:46 BST - SPX Update - 5 waves down from 1148.16 complete or one more low to come?

So far, we've only retraced about 23.6% of today's decline, so I'm wondering if we still have another down leg to go before we complete 5 waves down from today's high. Here's what I mean on a close up of the bearish count where a shallow retracement would count best as wave 4 of (1) down (see the alternate labelling) rather than as wave (2):

SPX 1 min - bearish count close up: