Wednesday, August 4, 2010

S&P 500 ~ Elliott Wave Count 3 August 2010

I don't have much to add to yesterday's post.

Still expecting the market to trade in a narrow range between ~1110-30 today and possibly also tomorrow.

I'm not sure whether wave (i) has already topped or not. The big upmove for both counts should come on Friday. Thus, it looks like the market will rally on the employment numbers.

If the SPX breaks below the diagonal though then we could close the 1070 gap but at the moment the bullish count looks good ; )