Monday, June 28, 2010

S&P 500 ~ Elliott Wave Count 25 June 2010

May be I was right in the first place when I posted the following short term count that wave (i) ended at 1075.

Instead of the expected zigzag so far we got a flat. But since it didn't even retrace 38 % of wave (i) this was possibly only a part of wave (ii).

The bullish alternative is still possible though. So far, we just got a backtest of the broken downtrend line.

Also the two fractals I posted are both still valid:

I posted the fractal above one week ago and so far it keeps correlating with today.
=> We should decline below 1040 this week.

And the bullish fractal: