Tuesday, January 4, 2011

S&P 500 ~ Elliott Wave Count 4 January 2011

Yin and Yang today in the stock market...

The first 195 minutes were down, the second 195 minutes were up and the market, guess what, closed virtually unchanged.

For now, the count I posted intraday looks quite good imo:

So, above 1276 I think we should see 1290-1300 to complete this wave which started six months ago.

There is a slightly different count I also like which takes effect if the SPX declines below today's low. There isn't a big difference though, so in both cases I think we'll rally up to 1290-1300.

Important support is still at 1254 and 1247. Below 1233 wave (2) is underway.