Thursday, August 19, 2010

S&P 500 ~ Elliott Wave Count 19 August 2010

The SPX plunged more than 18 handles today closing at 1075.63 (-1.69 %).

I mentioned the ES 1084, SPX 1086 level yesterday which had to hold for a bullish day today. Well, it did not and thus we plunged all the way down to the 1070 support area.

Although 1070 has hold I think wave (ii) topped at 1100 yesterday. Wave i of (iii) likely ended at 1070.66 today and wave ii is now underway. A likely target is ES 1084, SPX 1086.

In my last update I mentioned an alternative count that we're still in wave ii (see chart above). I don't think it'll happen but if 1084 gets breached we may see another rally to 1100.