Sep 3, 2010

SP 500 Elliott Wave Update - Weekly chart

          Dead cat bounce or resuming the Bull trend? 
That is the main question, that really confuses bulls and bears now. What about the big H&S pattern? Yeah... I've seen many fake ones.
          In one of the SP 500 updates I mentioned, that 1007 is great support zone. And it's not broken so far. 
          The market is just bouncing above the 1*2 Gann Angle (trend line now) that will be close shave to overcome. Lately I am working on the assumption that July's low(1007) has marked the end of the corection as Primary B wave. I also have adopted the idea of large "flat" or "triangle"' who's (a) Intermediate met the 1007 support, and now is forming "C" Minor of (b) Intermediate and so on..
           But the bounce is still limited by the bear trend line and 1100-1103 resistance. I think this week's candle will not make it. So better cover the longs for the weekend and aim again next week.



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