Wednesday, June 20, 2012
S&P 500 ~ Elliott Wave Count ~ 20 June 2012
Today's correction was most likely wave (iv). If so, we should see a rally to 1365 tomorrow/on Friday to complete an impulse from 1307.
50 day MA holding
I had an emergency and had to go drive out of town and back but I still want to give an update for 6/20. Basically the market did what I was expecting, which is the test of the 50 day MA and so far this level has been holding well. So if tomorrow this level doesn't break then I expect the market to make a run towards the 1365 to break resistance, which would go well in line with a W5 to finish up the impulse wave from 1266. And like I said yesterday, if the 1365 level breaks we're on to 1385-1390.
S&P 500 Analysis after closing bell
- Levels shown in four hour chart has not broken yet. Price has not sold off from these levels either.
- Breakout above this level can give 1390 levels.
- Sell off may give 1335 and 1300 levels.
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