Friday, July 2, 2010

S&P 500 ~ Elliott Wave Count 1 July 2010

I'm still following the same very bearish count as long as the 87 fractal correlates today's action. If this fractal plays out the market crashes today/next week.

Should we get a multi day rally from these level though (may be after one new low today) I'll discard the crash scenario and change to the alternative count.

The candle stick we got yesterday is a bullish one. In the past few months such a candle lead often to a big rally. There was one exception on May 19th, the day after the market dropped 45 handles.

We may know in about one hour which direction the market is going today ; )