Monday, 8 November 2010

16:17 GMT - SPX Update - close up

Here's an update of the close up chart posted as Chart 3 in Friday's end of day update:

SPX 1 min close up:

The main labelling is from the first chart in my last post. From the high at 1227.08 you have to ignore the degree labels I've used for the main count - I've upped them by a few degrees so that I can label the detail without going too far below miniscule degree. The i and ii on this chart would be the (1) and (2) on the first chart in my last post.

The alternative labelling is the alternate count shown on both charts in my last post which means a further high even on the most bearish count.

For the main (bearish) labelling, I don't really want to see the wave [2] high at 1221.62 get taken out, though it wouldn't be fatal to the bear count - we could just still be in wave [2] or wave ii (ie (2) on the first chart in my last post).

The invalidation point for the bear count remains 1127.08 and as before, until we drop below 1194.53, the alternate labelling suggests we're going to see a further rally.