Thursday, February 11, 2010

Elliott Wave Count 11 February 2010

This second wave lasts longer than I've thought. Today, 1080 was reached after the market broke out of a triangle:

Tomorrow we may see another small push higher to hit the 62 % retracement.

May be, you remember that I posted an alternative count that only works for the Nasdaq:

The Nasdaq has retraced nearly everything of last week's drop thus I think the alternative count is actually the best count for the Nasdaq.

The perfect target for this Minor wave 2 is 2187. There lies the 38 % retracement level and wave [a] equals wave [c]. So, I expect it to be reached tomorrow which should complete Minor wave 2 (alternatively only wave [a]).

Different counts for the SPX and Nasdaq but the same forecast for tomorrow: a small rally in the morning and then mostly downwards for the rest of the day.

Hope it'll work. Cu tomorrow ; )