Monday, October 12, 2009

10/12 SPX Squiggles

Once again work, family and life have made things quite busy. However, it is a good thing.

So with my limited free time here's an attempt to count some of these squiggles. I'm not exactly sure of the overall count at this point.

Have we topped? Was today's action just another wave 4 of 3 or of 5? Who knows.

Just based on this count at 3min, I see a possible new impulse wave down or simply an A-B-C/W-X-Y correction.

Either way, I think it is indicating a move down, whether to make a blue v or magenta Y. The 1060 gap looks like a good target.

The impulse count would be invalidated if price breaks above 1077.31. This would create a 4-1 overlap.

The other alternative I do see (but I did not label) is that the iii/W completed a wave iv of some degree and the move off that bottom was the beginning of the final fifth wave higher.


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