Thursday, August 5, 2010

S&P 500 ~ Elliott Wave Count 5 August 2010

Day 4 between 1120-30.


This sums it about up what happened today.

Tomorrow I expect the SPX to leave this tight range either to the downside (targets 1110ish, gaps at 1100 and 1070) or to the upside (target 1140ish (diagonal trendline), 1175).

The event that hopefully makes this happen should be the employment numbers at 8.30 am. So set your alarm clocks!

The counts remain the same:

1) a bullish (i)-(ii) count with a target around the April high (confirmation if the diagonal breaks to the upside)
2) a bearish one with a first target of 1070 (confirmation if the market breaks the lower diagonal trendline)