Friday, July 6, 2012
Elliott Wave Update ~ 6 July 2012
This daily SPX chart about sums things up. Minor 2 has retraced
sufficiently in both price and time. There could be one more stab
at the upside. If there is, we have to be mindful of a potential upside
wedge which could be a very bearish structure
Friday, July 6, 2012
S&P 500 ~ Elliott Wave Count ~ 6 July 2012
Below is an updated count:
Actually, I was about to turn bullish when the market closed at 1374 on Tuesday. However, we didn't get a follow through the day after, so the bearish count was and still is in play.
The support and resistance levels worked very well today: Early in the morning as already posted intraday but also late in the day when the SPX rallied to 1355 by the end of the day after hitting the support at 1348 about 90 minutes before the close.
I'll post some more charts over the weekend ; )
Friday, July 6, 2012
Wave 4
The market tested the Trend Average today and it seems like the C wave of a Wave 4 was put in. And the market should be ready to start the final 5th wave as soon as early next week unless the market does a complex correction. Alternatively, one could make the case for the market about to impulse (W1-2-3 instead of the ABC labels on the chart) down but so far this remains a correction. So I am hoping for the market to reach my target area of 1378-1388 before doing a Fib correct of the entire wave from 1309.
Have a great weekend!
ES Support levels
- ES one hour chart finding support near 200 Hour SMA.
- Four hour chart too is getting support at the Icimoku cloud. For the fall to continue these two levels must break. Holding above them should result in a trading bounce.
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