Tuesday, September 20, 2011

S&P 500 ~ Elliott Wave Count ~ 20 September 2011

The bounce from the 1190ish support area continued during the first few trading hours today. By noon the SPX hit 1220 and then pulled back and closed slightly lower at 1202:

As you can see I still like the wave B/2 count. If we break below the 1190ish area I think it's very likely that wave C/3 down is underway.

At 2:15 pm tomorrow Bernanke speaks once again so (as usual) markets should go crazy ; )