8/7/10 - SPX Alternate Update

SPX - Alternate

Here's an update to this alternate I have posted a few times in the past. Should the ending diagonal scenario play out, this is one way to count it and fit within the bigger picture. Refer to my daily preferred here for a larger view of the count.

What this count implies is that we are wrapping up minuette (b) of minute [y], which is a flat, of Minor B. If correct, once minuette (b) completes somewhere near 1130, minuette (c) would follow and challenge the 1010.91 low.

This would make sense since the 1000 level would be a pretty tough one to crack. Just some thoughts to keep the P3 followers in check, granted my daily preferred does imply a P3 down is to come but not before a new high is made.

However, I'm prepared to jump on the bullish alternatives I have posted for quite some time now should P3 only turn out to be an urban legend.