Tuesday, October 6, 2009

SPX - 10/6 AM UPDATE



The minuette (iv) count is obviously out. Could this be a throw over for wave v of 'c' to complete subminuette ii? If it is, the price should reverse sharply.

Or does Mr. Market decide to take out 1069 and imply that we go higher? We will have to keep an eye on this.

I added the 78.6% Fib retracement level as well to indicate where price may be attracted to if this is a subminuette wave ii. Above this level and the subminuette ii becomes a less likely count.

There are other count options out there. Kenny and Dan highlight these as well.

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