Elliott Wave Update ~ 6 June 2013

Reconfigured the squiggle count a bit. I am assuming today's low was wave (iii) of [i].  Resistance is overhead at 1630ish+. The gap down from yesterday is a target. Did the market enter a new short-term temporary trading range? That range would be from roughly 1595 - 1632.

A closer look at the subwaves. Yes the count has a few problems, but they always do.  The sharp bounce today has an expected target range within the previous subwave iv of (iii) - yet not reaching the price of wave (i) (1635.53) hence the wave (iv) target range is 1622.72 - 1635.  There exists a SPY gap right in the upper middle of this range top being 1631.38.

So 1632 is an ideal target for wave (iv).  If prices were to travel above 1635, this count has serious problems then.