Friday, 12 November 2010

15:47 GMT - SPX Update

I'm beginning to prefer something along these lines for the bear count (see the main labelling) over the count I was following yesterday (see yesterday's end of day update):

SPX 1 min close up:

Wave (5) might be subdividng, with the waves marked 3 and 4 being waves i and ii of wave 3.

For the bullish count (the alternate labelling on the above chart) we only need 5 waves down from the high labelled B to complete wave (Y). Again, the possibly subdividing wave from the 1215.45 high mentioned above, could also apply here.

So, basically, I'm looking for 5 waves down from 1215.45 to complete wave (5) on the bear count and wave c of (Y) on the bullish count. Its quite possible that the low at 1201.96 is it. If there's more downside, for the bullish count, we have to stay above 1194.53 to keep it valid.