Tuesday, June 12, 2012

S&P 500 ~ Elliott Wave Count ~ 12 June 2012

This is basically an update of the two counts I showed yesterday (http://www.wavaholic.com/2012/06/s-500-eod-update-11-june-2012.html).

Today's action actually fits both counts. So it's too early which way the market goes for the next few days.

If 1326 and 1335 are breached, it's very likely that the bullish count is underway and I think we should see a rally to at least 1360:

If the SPX declines below today's low, the bearish count looks much better and we should see a decline to the early June lows: