Sunday, May 2, 2010

S&P 500 ~ Elliott Wave Count 2 May 2010

Although it's possible that the market topped last week I think that we'll see new highs very soon.

My preferred scenario is an Expanding Triangle in the fourth wave position - the market should rally on Monday.

Should we make a new low on Monday, I think that the alternative count is underway - a simple zigzag.

If the SPX sells off, below 1170, the motive wave started early Feb likely topped at 1220.

As you can see Monday will be quite imported to determine which count is underway.