Thursday, August 20, 2009


There was actually no need for an intraday update, because the SPX kept on pushing higher.

It seems as we're in the topping process for the first wave up of C. After that, a wave [ii] down to 99x should follow before wave [iii] should carry the market to new highs.

There is still a small chance that today's high was just wave [x] of B, but as long as the market doesn't go below 990 (and 979) the bullish count is my favourite one.