Friday, 5 November 2010

15:56 GMT - SPX Update

With that push up from where I have the wave [4]  of v label on this chart, its even more possible than it was last night that this may be a complete 5 waves up from 1177.65:

SPX 1 min:

Wave [4] of v is still a little small in relation to wave [2] for my liking, but wave [5] would be quite well proportioned in relation to wave [1]. As I said last night, if we drop now and fail to stay above 1194.53, I'll go with this (though whether the top would be wave (iii) as shown on this chart or wave (v) as shown on Chart 1 in last night's update is still an open question).

While we stay above 1194.53, then the risk of further upside remains. Here's an update to the chart in my last post which shows that possibility, where today's high would be wave [3] rather than wave [5]:

SPX 1 min close up: