Tuesday, 2 November 2010

18:50 GMT - SPX Update on the bullish and bearish counts

Because 1196.14 still hasn't been taken out, the immediately bearish count still stands - for the moment. I've just jiggled it about a bit:

SPX 1 min - bearish count:

I've also jiggled the bullish count about abit:

SPX 1 min - bullish count:

At the moment, I actually favour the alternate on this chart, which would also be bearish now if we've completed wave (v) at today's high as the alternate labels suggest. Even if we haven't, its still less bullish than the main count.

Here's the alternate on a 60 min chart (the main count is shown on the chart of Option 3 on the 60 min counts page):

SPX 60 min - alternate bullish count: