Monday, 1 November 2010

14:48 GMT - SPX Update on the bullish and bearish counts

The bearish count has been pushed pretty much to its limit so now has to keep dropping. If we don't, chances are this will be invalidated and the bullish counts will take over:

SPX 1 min - bear count:

On the bullish count, the triangle looks best as complete rather than on-going, as shown in the chart below:

SPX 1 min - bullish count:

So, on this count, we're in wave v of (iii) or wave (v) up. We now need to stay above the wave [E] low at 1182.20 or there will likely be something wrong with this count.