Thursday, October 8, 2009

SPX- 10/8 AM UPDATE: Bearish Count


I stumbled upon this count on Kenny's blog. All kudos go out to C's & 3's and fool53 on this one.

C's & 3's chart can be found here.

Wave (c) red of [ii] of this possible expanded flat would end nicely right around that 1070 level. This would make wave (c) red approximately 1.618 x (a) red and make wave subminuette v green approximately 1.618 x subminuette i green.

Of course a break above 1080.15 (black horizontal line) would invalidate this count. It's getting close.

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