Sunday, May 9, 2010

S&P 500 ~ Elliott Wave Count 9 May 2010

The ES is currently up more than 20 points!!

Nevertheless I'm posting the possible triangle count I mentioned on Friday:

If the SPX rallies over the possible wave [c] high this triangle becomes invalid.

A test of 1150 seems likely then.

The count above concures very well with the 1987 fractal:

There are many longer term counts possible at the moment. Some say the bear market has resumed and are expecting a big crash coming week and others believe that the rally will continue from these levels. I won't commit myself to either the bullish or bearish scenario. It's just too early to certainly know whether the bear is back again or not. When I'm looking at the charts I can see many such sell-offs in previous bull markets.

Hope the next few days will clarify the situation a bit.

Have a nice week!