Thứ Tư, 13 tháng 6, 2012

Market Update - Update ~ 12 June 2012

Tuesday, June 12, 2012

Market Update

Despite the market moving 18 points from the lowest point to the highest, there isn't much to do but to wait. The pattern continues to be bullish until another weekly low is made so the market could just be zig zagging in preparation for a bullish W3. There is the possibility of a bearish wave coming obviously but given the trend and other traditional technical indicators, the odds don't favor it.,

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 (

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:

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