Monday, June 14, 2010

ES ~ Elliott Wave Count 11 June 2010

Sorry for the late update. The World Cup began so I had to watch the matches. ; )

On Friday we got the expected decline. Well, the market closed up but was down for most of the day.

The situation hasn't changed at all since last week. We're still in this 65 point range between 1040 and 1105. It's been a mess to count the moves in the past three weeks. There are many possibilities: a completed a b c at 1040 and new highs in a few weeks time? wave [ii] finishes today or tomorrow and we'll decline below 1040 very soon? wave 1 ended at 1040 and we'll rally to 1150 first and then decline below 1040?

These are just a few possibilities, so, imo, the best thing is to trade a convincing break of either 1040 or 1105.