spx ewave

Here's my update on the SPX chart.

The previous chart (Wednesday) is posted here:
http://www.traders-t...showtopic=93959

I've re-labelled the recent action as an ABC. That would make today a C wave.

Robert Prechter's observations on C waves:
- "usually devastating in their destruction" (if you're a bear)
- "no place to hide"
- "persistant and broad"
- "can be mistaken for the start of a new upswing"

Does this describe today or what?

(Tea:) The recent action might also be seen as an ED, but I'm not sure there's enough prior wave action to count this as ED.

Note: if we go above 1280 or RSI breaks above 70, then this chart is off the table, and we're probably going to hit C above 1310, by October.

http://stockcharts.com/c-sc/sc?s=$SPX&p=60&b=3&g=0&i=p95689254618&a=151572566&r=2369.png