Tuesday, August 25, 2009

SPX 8-25 PM Update

Well, looks like wave [iv] was a little stubborn today. She was looking primarily like a flat, however as the day progressed, she was also looking to form a triangle. So with that, there are three things I'm looking at right now in order.

1. Flat still in play with wave c of [iv] in progress. Target area somewhere between 1022-1018.

2. Wave [iv] flat completed at 1026.21 low. Wave [v] in progress. Target area still in the 1044 area.

3. A Wave [iv] triangle (contracting type) is in the works. You can use the same sub-wave labels I have in red for my flat for the triangle. Wave c is either still in progress or complete. If sub-wave c (red) breaks below 1026, then the triangle count is out of play and option #1 is more likely.

If price tomorrow breaks above 1037.75, then the triangle (contracting type) also out of play and his would indicate a greater likelihood that wave [v] is in progress.

1 comment:

  1. where you have a [iii] is a v
    where you have an [a] is an a