Thursday, May 6, 2010

S&P 500 ~ Intraday Update 6 May 2010

The ES dropped below 1155 (SPX below 1158) indicating that wave 5 is underway.

This fifth wave should complete an impulse that began at 1220. I labeled it as wave (A) of an ABC correction that should be completed end of May or early June.

I don't think that this bear market rally (yes I still think it is one... : )) has already topped.

Below the updated Elliott Wave count: