Sunday, March 6, 2011

S&P 500 ~ Elliott Wave Count ~ 6 March 2011

We got lots of ups and downs last week, the net change for the week was a mere 1.27 points though.

The SPX is still inside the rising wedge (in arithmetic scale!):

As said before a break of the 1295-1300 area should lead to lower prices. Next supports are 1275ish, 1260ish and then the 1220-25 area. In case of a break higher next targets are the 1360ish area and then 1440ish.

There is a nice triangle unfolding in the ES:

So, let's see which way it breaks and trade according to it.

Have a nice week!