ES Resistance levels
- ES 30 Minutes chart shows resistance at the cloud and 100 Period SMA.
- Bulls must cross these levels for the bounce to extend.
S&P 500 ~ Elliott Wave Count ~ 24 June 2013
S&P 500 ~ Elliott Wave Count ~ 23 June 2013
Having had my long-term count for more than three years it has changed from a simple zigzag into a double zigzag and currently into a triple zigzag. Triple zigzags occur only very rarely though, and in fact, I think the count looks very unproportional.
Thus, I deleted my long-term SPX count on Friday and recounted the SPX without any bias. And that's the result:
I actually like it much more than my previous count. It's much simpler and many problems are gone.
You could count wave [C]/ slightly differently. It is possible that we are still in wave 3 of (3) or already in wave (4).
The very-long term count remains the same. I still think that eventually we will end up at levels lower than in 2009.
Monday, June 24, 2013
Elliott Wave Update ~ 24 June 2013
Another heavy down session on higher volume. Down breadth has been
significant and has "changed" the most since anytime since the 2009 low.
Note the 3 stabs under oversold lately (Blue Circle). We haven't seen that since the rally began. The nature of the market may have changed to "bear".
I really like this BPSXP chart also. Broken trendline.