Monday, July 19, 2010

S&P 500 ~ Elliott Wave Count 19 July 2010

Late afternoon the market seemed to break out but right in time to celebrate it BP announced that they still had some problems in the gulf and the SPX went back down again to close where it opened today.

The ES being down huge AH (1059) I'm not so sure anymore if we see 1080 before we move substantially lower. Reminds me a bit of the sell off in late June when the market sold off for like nine straight days without any decent retrace.

The bullish counts are still possible, today's low should hold though imo.