Wednesday, 10 November 2010

16:07 GMT - SPX Update

With that move up from today's low, the alternate bear count shown in the last post is now the main bear count. I've also adjusted the labels for the bullish count which would suggest it may have bottomed at today's low:

SPX 1 min close up:

If we stay below 1218.95 on this current retracement, then the main (bear) count will still be OK. If we take it out, its possible that we completed 5 waves down from yesterday's high at the low made today, but we'd have to stay below 1226.84 for that to remain valid.