Wednesday, 3 November 2010

14:39 GMT - SPX Update on the bearish count

The 1196.14 high remains stubbornly intact, so the bearish count remains on the table - how long for, we'll see. Still, here is how I'm counting it:

SPX 1 min - bearish count:

The diagonal for (C) of [Y] may be complete with a truncated 5th wave. If not, the 5th wave can't exceed 1196.64, but obviously, on the bear count, we have to stay below 1196.14 for that to remain valid.