Wednesday, August 18, 2010

S&P 500 ~ Elliott Wave Count 18 August 2010

After a gap down the SPX started to rally and hit 1100 again in the afternoon. It got rejected again though and closed slightly up at 1094.16 (+0.15%).

Now we got what I mentioned yesterday. It's now possible to count the move since 1069 as a motive wave (=bullish). I'm not totally convinced though, because the bonds and the dollar just did not support today's rally.

So, another possibility is that the rally to 1100 was only wave w of (ii), now we're in wave x (or already completed) and wave y follows tomorrow to 1100-1106.

(Too) Many possibilites for me, thus I'm standing aside for now. I think ES 1084 should hold (below that wave (ii) is likely over) and ES 1110ish should hold to the upside (above that = 1150 and higher imo)