For the bear count, I've left off the alternate that I've been showing (see yesterday's end of day update) and also put the bullish counts on a separate chart because I'm running up against stockchart's annotation limit.
This chart shows the main count, with the possibility that we still have another leg up in wave [2] to come, as explained in yesterday's end of day update. I've also moved the current label for wave [2] to the 1207.12 high, so its a double zig zag, not a triple:
SPX 1 min - bear count:
If we've started wave [3] down then there may be more to go before we complete wave (1).
If we have another up leg for wave [2], then I'll be looking for it to end in the 1210 - 1214 area as previously mentioned.
On the bullish count, I'd put us in wave c or y of (iv):
SPX 1 min - bullish count:
As noted on the chart, if 1227.08 was a 5th wave high from the August low (which, as previously mentioned, is the count I prefer), then this decline may be something more substantial then wave (iv) (see the 60 min counts page under Option 3 which lists the 4 ways to interpret what 5 waves up from the August low may be under Option 3).
