Wednesday, April 6, 2011

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

The range this month so far has been only eight handles. Once we break out of this tight range we should see a big move.

If it breaks to the downside a gapfill at 1319ish is likely.

Should we move higher the next target is the yearly high at 1344. I don't think it will hold though so a move to around 1360ish to complete wave 1 could very well happen.

So, let's see which way it breaks.