Wednesday, September 29, 2010

S&P 500 ~ Elliott Wave Count 29 September 2010

The SPX has been consolidating between 1140 and 1150 over the last few days. In my opinion this looks very similar to the topping process in August:

As long as there is no big move both Elliott wave counts are still possible:

So, is next month Octobear or Octobull?

I think if the SPX can rally above 1175-80 the bulls are in charge and below 1120ish the bears. Let's see which way it goes.