Saturday, 13 November 2010

11:50 GMT - 60 min counts page updated

I've updated the 60 min counts page commentary to clarify a couple of points with regard to the two Options shown:

First, in relation to Option 2, if the waves labelled W and X are actually A and B, we'd be looking for a 5 wave move down in wave C rather than a 3 wave move down in wave Y. I'm not sure it makes much difference to the ideal target for the end of the decline once we've topped in the rally from the August low (which we may have done at 1227.08). However, its something to be aware of if we do get a large 3 wave decline which looks like wave Y since, if its actually a C wave, there'd be more downside rather than immediate upside.

Second, in relation to Option 3, I've listed four ways to interpret this Option. I'd previously listed three, but within the first one, there were two possibilities mentioned, namely that the rally from the August low is either wave (i) of [iii] of A or wave [iii] of A. I've simply listed the second one as a seperate interpretation since its considerably less bullish than the first one.