Monday, March 14, 2011

S&P 500 ~ Elliott Wave Count ~ 14 March 2011

The SPX declined to 1286 intraday - recovered most of the losses till end of day though. So, there is still no daily close below 1295 which is needed for an intermediate term sell signal:

If we get a close below the 1295ish level the next targets are 1275, 1260 and 1220-25 (preferred target).

Support at 1295ish was breached today, regained by end of day though, so, I don't know what to make of this - strength or just another fake rally like on Friday?

Short-term resistance is at 1305ish and next support below today's low is the 1275 area.