Wednesday, July 13, 2011

S&P 500 ~ Elliott Wave Count ~ 13 July 2011

With Ben's help the market tried to bounce twice (yesterday and today) but both times the rally was short-lived:

Next downside targets are the gap at 1307 and then the major target around the 1295-1300 level.

I added an alternative count (big triangle since Feb 11) but actually there isn't really any difference between the two counts. The preferred target for wave 2/E is 1300ish. After that we should see a rally to new highs. 1260 must hold else we could quickly sell off to 1220-30.