Thursday, February 10, 2011

S&P 500 ~ Elliott Wave Count ~ 10 February 2011

A usual day today: An early sell off and a rally for the rest of the day.

The SPX hit the 1310ish support area today and rallied from there. As I said yesterday this rally feels like we're in December again:

Should we get above 1325 I expect a rally to 1335ish.

As posted yesterday I'm not sure whether 1325 was already the wave (iii) top or only wave i of (iii), it's to early to tell:

The circles are there to highlight how the corrections always look the same: a sharp sell off followed by a rally just as sharp. Until this pattern changes I don't expect a trend change.