Monday, March 7, 2011

S&P 500 ~ Elliott Wave Count ~ 7 March 2011

We got another sell off down into the 1300 support area and bounced there:

The SPX remains in a trading range between 1300ish and 1330 and at the moment I neither prefer a break lower nor higher just trading the range until it doesn't work anymore.

I posted a potential triangle in the ES yesterday and today it looks even nicer:

A break out of this pattern should lead to a very strong move (lower or higher, we'll see).