Over the past few trading sessions, the S&P has managed to rally 41.75 points off the 1243.25 bottom before giving back 10.75 points of those gains to close at 1274.25 on Friday. The advance could be aattributed to the positive news that the UN voted in favor to establish a No Fly Zone in Libya and that the Japanese were making some progress in their battle to cool the earthquake damaged nuclear reactors .... but from an Elliott Wave perspective, the rally appears corrective.
My March 13, 2011 update identified certain 3 cycle periods that called for the next market low to be made on 3/22 - 3/23 +/- 1 day. The question is, now that the S&P has rallied, will it roll over hard and put in the low that I called for?
To answer that question plus updated charts on the currencies market, Gold and Oil... watch this weeks video addition of Heard On The Street.
Best of Trading
The bearish count was negated...do you have an alt count ?
ReplyDeleteIt is possible to argue that what was labeled as w.iii circle was actually w.1 and w.2 is unfolding. The only requirement is that 1343 can't be exceeded. SHould a new high be reached, then the alt count provided at: http://elliottwavelive.blogspot.com/2011/03/mrket-pulse.html would be applicable.
ReplyDeleteThanks Mike, so w3 may hit 1050-1150 ?..if already started
ReplyDeleteWay to early to project further downside. We need to confirm that the rally from 1242.50 is w.2 and that w.3 is underway first. Shoud w.3 materialize, the decline will be well below 1242.50.
ReplyDeleteEuro_USD tested 1.4282 resistance and sold off to test daily support of (1.4036- 1.4052). See Weekly edition of "Heard On The Street" posted on 3/27/11 for current wave count and anticipated market direction.
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