Friday, May 14, 2010

Elliott Wave Count 13 May 2010

Yesterday's high should have completed Minor wave 1.

Possible targets for Minor 2 are around 10700 in the Dow and just below 1150 in the SPX. If we sell off further a gap close seems likely.

The bearish scenario is still possible, thus I'm still waiting for a confirmation of either of these secnarios to enter long/short positions.

At the moment the EUR/USD is desperately trying to hold that 1.25 support level. A break of this level and the ES may decline down to the 1140 support level: