Wednesday, February 5, 2014

S&P 500 ~ Elliott Wave Count/EOD ~ 5 February 2014

Once again we got a decent rally today after the market hit the support at 1743-46 today:

As you can see on the chart below there isn't only a horizontal support at 1745ish but also a rising trend line. Thus, this seems to be an important level:

Even though this seems to be the perfect area to form a medium-term bottom, the trend is still down as long as the SPX trades below 1774ish.

Author: Patrick Eugster