Thursday, June 10, 2010

S&P 500 ~ Elliott Wave Count 10 June

Oops! They did it again:

Yesterday's late day sell off got completely erased overnight and the market opened with a big gap up. We went sideways then for quite some time and afterwards rallied into the close.

This is very similar to what we saw about two weeks ago. The day after we closed slightly lower so that's what we possibly can expect of tomorrow. May be down to today's low to test it again?

The short term wave counts remains unclear. I labeled today's high as wave (ii) since wave w equals wave y. I'm still waiting for a break out of the trading range we've been in for three weeks now.