Monday, August 30, 2010

S&P 500 ~ Elliott Wave Count 30 August 2010

Overnight, when the ES was trading above 1070, it looked like we'd get another bullish Monday. This rally was short-lived though. When the SPX opened at 9.30 am the overnight gains were already completely retraced. The decline which began overnight continued and the SPX slid down all day closing at the low of the day at 1049.

The H&S I posted during the day worked out pretty well:

It looks like wave (iv) ended at 1065 and wave (v) is underway now. The target for this wave is somewhere between 1010 and 1030.