Tuesday, March 6, 2012

S&P 500 ~ Elliott Wave Count ~ 6 March 2012

The SPX lost 1.5 % today - which is the worst trading day of the year. I think for the first time this year one of my support lines was broken. 1355ish was already breached at the open what resulted in a quick decline to the next support level at 1340ish:

We could see a bounce around the 1340ish support area. Possible targets are the 1355ish resistance area or even the open gap at 1364.

By the way the 2010 analogy still looks pretty good. ; )