I've updated the charts on the 60 min counts page. Option 2 now shows the ending diagonal count I mentioned in the end of day update. If the bearish count shown in Charts 1 and 2 of the end of day update is invalidated, the ending diagonal will become my preferred count.
Here's a close up from the wave iv low at 1131.81:
SPX 1 min - close up of ending diagonal count:
As mentioned in the end of day update, assuming this labelling is correct, wave [5] of the diagonal must stay below 1200.89. However, under the rules, it has to take out the high of wave iii at 1189.43.
If things are really going to drag on, we may still in fact be in wave [3] of the diagonal. If this is the case, wave [4] will have to stay above the dotted blue line I've sketched in, otherwise the lines of the diagonal will no longer converge and it will no longer qualify as a diagonal.
