Thursday, August 4, 2011

S&P 500 ~ Elliott Wave Count ~ 4 August 2011

I actually wanted to post the following update earlier but the ES is going nuts pre-market so I had to concentrate on that.. : )

A reader asked me yesterday whether I could post my EW counts more often. Sure!

I haven't been posting counts for many months because it didn't really help me in trading and the support/resistance lines I've been posting have been working just so much better. But there you go:

Posted on 3rd of Jan 2011

Posted on 3rd of Jan 2011

Long-term not much has changed. As long as we don't get a convincing break below the MA 76 I continue to expect higher prices. Below is an updated count of the bull market since March 09:

The biggest problem is the mess we've got since the beginning of this year. It looks a bit too long to be a second wave (it's rather a fourth, b or x wave) thus I added an alternative count in purple (almost the same short- and medium-term though, only long-term it's slightly different).

Short-term levels are shown in the chart below:

Supports are at yesterday's low and then at 1215-25. Resistances are at 1260ish and 1275ish.