Thursday, May 19, 2011

S&P 500 ~ Elliott Wave Count ~ 18 May 2011

The rally which started on Tuesday continued on Wednesday and we almost hit the 1343 level I mentioned in my previous update.

Even though we haven't breached 1343 so far the move from 1370 to 1319 appears to be a zigzag. The only bearish count I can see is that a very bearish 1-2-1-2 count is underway but that's very unlikely in my opinion.