Here's a wider perspective of the count shown in Chart 3 of today's end of day update. Its a 60 min chart of the rally from the August low. The labelling relates to the alternate count shown on Chart 3 which has us in the final wave (v) of [i] of C (the count that has us in a wave C up is Option 3 on the 60 min counts page):
SPX 60 min - 5 waves up from the August low:
If we're in wave v of (v) as labelled, then wave v must stay below 1202.64 in order to remain shorter than wave iii.
As mentioned in the end of day update, its possible that we're still in wave iii rather than in wave v. If that's the case, then wave iii must stay below 1201.76 in order to remain shorter than wave i.
So, if this ending diagonal is playing out, those are the limits within which it has to stay in order to comply with the elliott wave rules applicable to ending diagonals.
If this ending diagonal is invalidated, there's still the ending diagonal shown on Chart 1 in today's end of day update. If we're in wave v of (v) in that diagonal, then it has to stay below 1208.59 to remain shorter than wave iii. If we're still in wave iii, then it has to stay below 1208.13 to remain shorter than wave i.
By the way, remember that this count for 5 waves up from the August low can be applied equally to the most bearish longer term count (Option 1 on the 60 min counts page) and the moderately bearish count (Option 2 on the 60 min counts page) instead of how I showed the labelling on Chart 1 in today's end of day update (which was labelled as if Option 1 is playing out).
