Tuesday, April 9, 2013

S&P 500 ~ EOD ~ 9 April 2013

This rally from 1540 is a great example why I don't trust my elliott wave counts blindly but set levels which have to be broken first before I take any action.

1540 was such a level. The motive wave from 1340 looked completed at 1574 and a 100+ point decline seemed to be underway. 1540 was never broken though and thus I never turned medium-term bearish.

I'll post some charts a bit later.