Thursday, October 8, 2009

SPX - 10/8 UPDATE

Bearish Count


Bullish Count


Just so I don't confuse, I will place both the bull and bear counts on the same post. I haven't turned into a bull but I won't deny if Mr. Market wants to push higher, however, I don't trust the rally.

These are just updates from last night and today's respective bullish and bearish counts. Today's action still leaves both options on the table.

If the bearish count is in play, it is possible that minute [iii] began today starting from today's high.

If the bullish count is in play, the first minute wave of Minor C appears to be complete or near complete.

It seems either way, there will be some form of pullback, either a minute [ii] for the bullish count or the beginning of minute [iii] on the bearish count.

Tomorrow should be interesting.

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