Wednesday, March 2, 2011

S&P 500 ~ Elliott Wave Count ~ 2 March 2011

We got the new low around the 1300 area at noon and then bounced again. This bounce so far is too short to qualify as a second wave though so more upside is likely tomorrow. If we can break above 1314 we should rally into the low 1320's imo.

Important support below is the 1295-1300 area. Should the SPX breach this level the next objectives are 1280ish and 1260ish.

Interesting Chart of the Day today:

Source: BusinessInsider

I guess we need QE3 soon.... : )