Thursday, October 29, 2009

10/29 - SPX AM UPDATE #2


Could minuette (iv) be tracing out a double zz? Wave 4s are usually triangles and flats but this is still possible.

It is also possible this could be another wave 2 and the previous counts from 1101 is off. Yesterday's bottom perhaps could have completed a wave 1.

We are fast approaching the upper descending trend channel. One other thing to note is that the 1065 level is also a 38.2% retracement from the 1101 high to yesterday's low.

Let's see if it pivots there.

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