Wednesday, August 11, 2010

S&P 500 ~ Elliott Wave Count 11 August 2010

Who let the bears out? Who? Who? Who? Who?

Already in my pre-market update I dumped the bullish 1-2-1-2 count when the ES was trading at 1108 already down 1 %. The ES continued to sell off and when the SPX opened we immediately plunged below 1100 and then headed down to the first objective of SPX 1088 and ES 1084 during the session.

Although the 1088 level should be some support the wave doesn't look completed so I don't think we rally much from here. More likely we'll get some sideways consolidation here and then sell off again targeting the 1070 gap.

Edit: Holy sh*t: The ES just sold off down to 1073.25, down > 1 %