Wednesday, January 27, 2010

Elliott Wave Count 27 January 2010

Kenny posted this in the comment section yesterday:

"I like the SPX count that favours a 4th wave finish, which was an a-b-c flat and that it has started the commencement of a 5th wave which could possibly pull up wave 1 down between 1080-1085."

And this was the perfect description for today's trading day!

I was wrong yesterday expecting wave c of 2 up to 1105+. The SPX made a new low today and should have completed wave 1 now. The end of day rally should be the beginning of wave 2 which I hope to reach at least 1115-20 to give a nice short opportunity.

After wave 2 will have finished wave 3 should start and drop down into the low 1000's.