SP 500 Update

       The correction might begun during the yesterdays session. I still think, that we are in 1st minor of (5)th Intermadiate and wait for more significant pullback to label correct. 
There is one main question:  how deep will be the pullback? The well spreaded "flash crash" or just one step back, before the next two steps ahead, which is typical for the bull market. 
4 hour to daily charts show overbought and diverging conditions. 
The current pullback's depth will be very important for the market to show us HIS choise: 
to resume the uptrend, unfolding 2,3,4,5 of (5)th wave short to med term, or deeper retrace  beyond 1173? 

Next support down is the previous top 1226.78. If broken 1219.74 April top and 38.2 Fibonacci level of the current 1st wave is the next support.

Upwards 1246.75 and 1263.15.

Daily close above 1247 will be important buy signal from the current point.

Good luck trading!

SP 500

 Short term is expected 25-30 points pullback.
The night session registered new year short term top at 1236,97 and probably marks 1st minor of (5)th Intermadiate. This Elliott wave count appears on one very short term only. The five wave structure looks completed and wave 2 minor is underway.

Medium term - the bulls control the situation and there is more room upwards for the price to go. After brief few days pullback the Santa rally will resume. The next price magnet and important Gann angle influence  apears to be 1279 in the second half of January 2011, where the (5) intermediate will be completed.

Good luck trading!

DAX

Yesterdays session marked the pick of "i" of 5th wave. The expected pullback won't be deeper than 6760 probably.

Good luck trading!

SPX 500

I've got a reason to consider wave A minor  of a potential triangle completed.

 1 173 became strong support. Once broken the price will meet next support  at 1 154.

SP 500

     Hey Wavers, It's been difficult lately...., I know...Between the Flash Crash and believing in the real evidence-long term.
    I was lucky and happy to nail the 2007-2009 slide. It will be a good story for my grand children.
 I know ....we know ...it was very  fast and profitable.
What is the essentials of the EWP?...1-2-3-4-5..... a-b-c? THEN 1-2-3-4-5.... and a-b-c again.
 Do you know that SP500 has retraced more than 50% since the top in 2007 till March 2009.
 ....Probably This is the old  Bull Market.


Nowadays ...


  It  will be very difficult  for the bears to continue the pullback, and reach 1172  again after todays ignition.  
  Breaking 1195 downside was a good  sign, that I was wrong about my latest count. Wave four Minor is the better suggestion for the current scenario. It hasn't retraced 38.2% but it can be valid as well.   I like the triangle idea, but it needs little more time to unfold.