Sunday, October 3, 2010

10/3/10 - IT'S NOT 5 DOWN 3 UP

SPX - 1 MIN

If you followed my blog on Friday, you would have seen the count that I have posted above at the 3 min interval.

The bears are counting the move off the 1157.16 high as 5 waves down. I can buy that argument if one were using a 5 min interval and up because at that higher interval, it does "look" like 5 waves down as seen on the 5 min example below

SPX - 5 MIN BEAR VIEW

However, a closer examination of Bear wave 1 at the 1 min clearly shows it is not a 5 wave impulse down as presented on my 1 min chart at the top.

If the bear argument is that counting squiggles is silly, then one must accept the alternates below, because the move off the March 2009 bottom may also "look" like 5 waves up.




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