Friday, 19 November 2010

14:52 GMT - SPX Update

On the bearish count, I'm watching that high at 1183.56. As mentioned in yesterday's end of day update, taking that out will help the bear case (though it doesn't exclude the bullish possibilities):

SPX 1 min - bear count:

For the bullish case, a number of possibilties still remain, (see yesterday's end of day update) including a completed (x) wave during yesterday's sessions where I have the "or ii" label. If that or the alternate bullish count is playing out, I'd expect to see 1173 get taken out fairly soon:

SPX 1 min - bullish count: