Thursday, August 26, 2010

S&P 500 ~ Elliott Wave Count 26 August 2010

The SPX gapped up and tried to break the 1060 resistance. It failed three times though and sold off a bit. A H&S was formed around lunch time and the neckline broke at 2 pm. The market sold off to 1045, rallied a bit and then sold off again near the close to finish the day at 1047.22, down 0.77 %.

Still the same wave count:

Wave v of (iii) should be underway now. Target around 1030.

By the way, finally saw Inception today. Great movie!!