Wednesday, June 9, 2010

Elliott Wave Count 8 June 2010

Yesterday our national bank (the SNB, Swiss National Bank) decided once again to buy some EUR and sell CHF. That resulted in a big spike in the EUR/CHF:

With all these euros the SNB has bought over the past months I think we could buy some of the bankrupt EU countries very soon LOL

The SPX bottomed shortly after this spike near the May lows at 1042 and finished the day 20 handles higher at 1062.

I label the low today as wave (i) of [iii] and (ii) now underway. A likely target is the ES 1070 area. There is the low of wave (x) of [ii] and the high of wave iv of (i) of [iii]. If the ES declines below 1040 wave (iii) of [iii] is very likely underway.