Wednesday, November 4, 2009

11/4 - SPX AM UPDATE



Here's one possible count. I have minuette (c) of minute [ii] in progress.

Subminuette iv of minuette (c) is tracing a possible zigzag. The gray EW Channels are in place.

If subminuette iv were to move as anticipated, 1047 looks like a good target. This would fill the gap, touch the lower channel line and re-challenge the purple trendline that was gaped through today.

Subminuette v would complete near 1062 and touch the upper trend channel and thus complete minute [ii].

All this would make for a nice 50% from 1101 - 1029.

The bullish alternate is that this may only be subminuette iii of minuette (a) of minute [ii].

Let's see what happens in 25 minutes...

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