S&P 500 ~ Elliott Wave Count 25 August 2010

The SPX gapped down again today and hit 1040 at 10 am. This was the low of the day. A 20 handle rally followed and topped at 1059 a few minutes before the close. The SPX closed higher today at 1055.33 (+ 0.33 %).

As mentioned during the day wave iii bottomed at 1040 and wave iv was underway with a target of 1050-60. 1059.38 is the high of the day and should also be the high of wave iv. Wave v should start tomorrow with a target of ~1030.

If the market rallies tomorrow and we get a convincing break of 1060ish, then I think my count is wrong and something else is underway.