Wednesday, 20 October 2010

20:12 BST - SPX Update on the bullish and bearish counts

Possibly completed wave [2] on the bearish count - not much room left if it isn't complete:

SPX 1 min - bearish count close up:

We really need to see something impulsive to the downside to have any confidence in this.

Here's how it looks on the bullish count:

SPX 1 min - bullish count close up:

If the main labelling is playing out, we need to stay above the wave (1) high at 1174.13 in wave (4). If the alternate labelling is playing out, the key level is the wave (2) low at 1168.74.