Elliott Wave Live: S&P Futures: Market Wrap for August 30, 2010

Monday, August 30, 2010

S&P Futures: Market Wrap for August 30, 2010

From the morning's pre market review I stated that the overnight session reached 1072.75, and closed the open gap. This area was cited as resistance in Friday's week in review. Although price never tested the area again during the day session, my interpretation of whether wave (ii) purple has terminated is still open for the time being. Currently I can only count three waves down . Counting 5 waves down confirms that wave (ii) had ended. A break below 1037.25 would bolster the bearish view.

For tomorrow, I'm looking for a minor bounce for wave iv, followed by an impulsive decline . In the meantime, I am dead wrong on my count and expectations if price trades above 1054 thereby creating overlap.

Best of Trading

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Monday, August 30, 2010

S&P Futures: Market Wrap for August 30, 2010

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