Tuesday, April 12, 2011

S&P 500 ~ Elliott Wave Count ~ 12 April 2011

The SPX declined again today which makes it four in a row. (Last time we've seen this was back in November 2010!)



As said earlier today my preferred target for wave 2 is the 1300ish area (between the 38 and 50 % retracement). Maximum retrace for this second wave is 1284ish (62 %). If the market declines below that level a sell off down to 1250 or even to 1220 is very likely.



The potential inverse H&S is still very speculative but a decline to ES 1295ish would make a very nice right shoulder, wouldn't it?