Elliott Wave Live: The Market Pulse

Monday, June 20, 2011

The Market Pulse

Tonight's commentary will be brief as the S&P is following the comments made in this weekend's edition of Heard On The Street quite well.

As a quick reminder, I'm looking for w.4 to terminate at 1288 and today's price action was a step in the right direction.

This 3600 tick chart was presented over the weekend to show the subdivisions of w.4 in which I thought w.b was complete but said that I would need to see price move beyond 1270 to have absolute confirmation that w.b had ended. As you can see the market made another low in what was probably w. z of a triple zig-zag (not labeled) to complete w.b at 1256.25.

At the 240 minute chart level, w.c is underway and w.c = w.a at 1284 which is shy of our initial target of 1288. The .382 retracement level of 1281.75 closes the gap and is a level of agreement (see chart below).

For tomorrow, continue to look up and watch price action surrounding 1281.75.

Best of Trading

4 comments:

EWave kingJune 22, 2011 at 1:38 PM
LIke I said last week... ABC Expanded flat and its over man... your still on a bear crack pipe here.
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MikeJune 22, 2011 at 5:54 PM
EWave king - what am I missing here? The count that I'm working from earily June is an expanded flat that needs one more push to new lows.
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AnonymousJune 22, 2011 at 6:43 PM
Hey Mike - Good call on the 1288 region being resistance. You may get your new lows push from here.
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MikeJune 22, 2011 at 9:19 PM
Anonymous - Thanks for the comment. A slight overshoot on 1288 but within acceptable range. I just posted my outlook and commentary for tomorrow. I hope you find it helpful.
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Elliott Wave Live

Monday, June 20, 2011

The Market Pulse

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