Friday, September 24, 2010

S&P 500 ~ Elliott Wave Count 23 September 2010

We got the expected pullback yesterday. So far the SPX has reached 1123, next stops are 1117 (MA 200) and the open gap at 1110.

Are we back in the B.A.R.?

If we look at the recent rallies in June and August we can see that once the daily MA 200 was broken the market sold off. If this happens again I think the SPX could retest the broken downtrendline pretty soon.

No change in my count:

Either this is a corrective wave [ii] with a possible target just above 1110 ((a)=(c)) or the start of wave 3 down. In my opinion, bears don't wanna see this back above 1137 again ; )