Wednesday, February 16, 2011

S&P 500 ~ Elliott Wave Count ~ 16 February 2011

The SPX hit my first target around 1335 today.

Looking at the chart it appears as an ending diagonal is forming. I mentioned before though that the trend is still up and we could see 1360ish should 1335ish break:

As long as 1310ish holds bulls are in control. Below that level bears may finally get their correction. I'd like to see a daily close below 1300 first before going short though.