Thursday, September 24, 2009

SPX - 9/24: Bullish Count


As I mentioned earlier I would post a bullish count. Here it is.

With waves 2 and 4 now complete, we may place EW trend channels to assist us with locating the end of Minute [v]. An end at the mid channel line over the next week or so would take price near 1090.

In a previous post (Fibonacci Fans), 1090 was the 61.8% retracement for the decline that began on 10/07.

As I mentioned earlier I do have a problem with the count for wave b of Minute [iv]. It looks more like 5 waves to me, which would invalidate it as a 'b' wave. But what do I know.

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