Friday, November 12, 2010

S&P 500 ~ Elliott Wave Count 11 November 2010

The market retested the Wednesday lows and then rallied for the rest of the day to finish the day just a few handles lower. Overnight the ES has sold off again and hit 1193 (= SPX ~1196) about 90 minutes ago which I mentioned as a possible objective for this fourth wave:

As I've already said a few times, wave 4 should unfold in a triangle or a flat. If we get a convincing break above 1230 wave 5 to 1300 should be underway!