Monday, June 21, 2010

S&P 500 ~ Elliott Wave Count 21 June 2010

It's time to reveal the fractal:

SPX 1133 and Dow 10567 were the targets for this rally according to this fractal. These targets were almost reached today (actually exceeded in the Dow), thus IF today's highs hold we should decline from here:

All Elliott Wave counts are still possible:

If a [b] or [ii] wave is underway 1090ish is a possible target.

The February comparison I posted earlier today continues to correlate:

In February the tenth day from the low finished the initial rally and a one week pullback followed. Today is the tenth day and likely finished an impulse from the low. Thus, the current decline should be a correction and be finished on Friday this week.