Wednesday, June 23, 2010

S&P 500 ~ Elliott Wave Count 23 June 2010

The SPX declined a bit more today and reached the 1090 level where it found support. From the 1131 top I can count three waves to 1085, thus so far it's corrective. At 1087 is also the 50 % retracement level, a common target for b and second waves. A rally above 1115 should clear the way for at least 1150 or even 1220+ in the very bullish count.

For the bearish count we need one more new low tomorrow possibly around 1075 to complete wave (i) down from 1131.