Saturday, February 12, 2011

S&P 500 ~ Elliott Wave Count ~ 12 February 2011

The SPX rallied on Friday and almost hit my first target at 1335ish (2x666.79/wave [i]=[v]). I can count five waves from the 1275 lows now:

As said earlier this week, this rally looks very similar to the December rally so that's why I added a possible alternative count. A convincing break of 1335ish should lead to a rally to 1360ish (i.e. wave iii underway); a break of 1310ish though would be a first sign that the top could be in.  The trend is still up so if you try to short please use stops since shorts are still countertrend.

We may already know on Monday or Tuesday which count is underway. If anything important happens I'll post an update; there won't be many updates till Wednesday though since I'm heading for Arosa tonight for a short ski vacation:

Have a nice weekend! : )