S&P 500 ~ Elliott Wave Count ~ 19 June 2012

Tuesday, June 19, 2012

S&P 500 ~ Elliott Wave Count ~ 19 June 2012

The rally continued today and we hit my target area at 1360-65:

After turning bullish early June at 1300 I'm now back to neutral again. If the market breaks below 1335ish I might turn bearish again and if the market breaches 1365ish I might be bullish again. More on that tomorrow before the open.

S&P 500 Analysis after closing bell

from Nifty charts and latest market updates by San

• Falling wedge is doing well so far. But price was unable to clear 1357 - 1359 level on closing basis which is slightly negative. If the up move continues above this level then we might see 1415 level.
• Golden ratio and 200 period SMA of four hour has managed to halt the up move. Bulls must cross these levels on closing basis for moving up further.Unable to cross these levels should result in a fall towards 1335 levels again.