Wednesday, June 9, 2010

S&P 500 ~ Elliott Wave Count 9 June 2010

The SPX tried to break the strong resistance in the 1070's but the EUR/JPY never confirmed this rally as it couldn't breach the 110 resistance.

I labeled today's high as wave (ii) of [iii] even though we need a break of 1040 to get the confirmation for that. If we break that level I think we'll quickly sell off to the 1020's or even lower to 1000ish, get a backtest of 1040 and then begin the third of a third next week.

grrrrrr! I shouldn't have discarded the fractal I posted yesterday so fast:

We got a move to 1070-80...:

If this continues to correlate we should see a decline to the 1020's followed by a rally to 1040 and then another sell off much lower.