Wednesday, May 11, 2011

S&P 500 ~ Elliott Wave Count ~ 11 May 2011

The SPX gave back all gains from the previous two trading days and tested the important support area at 1330-40 once again:

So far the support is holding and as long as it does (on a daily basis) I think we could still see prices above 1400 in May/June.

Should prices decline below 1330 though then the next target should be the 1323-24ish area. If this level doesn't hold either then my count is most likely wrong and we could see a correction down to 1260ish again.