Thursday, August 19, 2010

S&P 500 ~ Intraday Update 2 ~ 19 August 2010

And down it goes... : )

The SPX made a low at 1070.66 a few minutes ago, only 1 point above the Aug 16th low.

I slightly changed my count and relabeled the wave (i) low. = > Wave (ii) unfolded in an expanded flat.

An alternative count (just in case this is bear trap no. 1973252 : )) is that this is only wave b of (ii) and we get a wave c to 1100 tomorrow/Monday to complete wave (ii); so I'd like to see a convincing break of the 1070 area first.