Friday, July 30, 2010

S&P 500 ~ Elliott Wave Count 30 July 2010

As I was hoping in the morning we saw some real fireworks today.

After the GDP release the ES sold off to my 1084 target where the ES found support. When the market opened at 9.30 it almost immediately shot higher and closed the gap.

From there we got a clear three wave structure down correcting exactly 62 % of the previous wave. This was suggesting that another push higher was likely. And that's what we got: The SPX first rallied back to 1100 formed a right shoulder of an intraday inverse H&S and then hit 1106.5 in the last trading minutes of July.

Even though 1108 isn't breached yet I think we'll see much higher prices next week ; )

Enjoy your weekend : D