Emini S&P 500 Trading

As I've been monitoring the markets the past few days, I've noticed an interesting elliott wave pattern developing.

Particularly in the Emini S&P 500!

Click here to see the chart and my micro blogging commentary that I did throughout the day. To see the comments just click on comments on the top of the page.

After you review the material, please do me a favor and let me know what you think by rating the article. If you are a free subscriber - login and you can leave a comment as well.

Best of Trading

Emini S&P 500

How yesterday may have unfolded.

The Bernanke testimony before the Joint Economic Committee, U.S. Congress had traders on the edge of their seats. At the time, I tweeted, "Spirited trading today" and the bulls were pushing the market higher. Possibly they drank from the punch bowl that Bernanke had spiked so many times before and it tasted different. 

Approximately an hour later, the breakout was in jeopardy. When the 240 minute bar closed, the message was clear. The breakout failed. Fittingly, Martin Pring describes this intraday pattern as a Pinocchio Bar.

Initially, several Fibonacci relationships lead me to believe that an argument could be made that a five wave sequence ended at what is now labeled as w.iii circle. However, given the loss of 1646.5 in the overnight session and subsequent price action I offer this count. Confidence remains against the figure 1632.75. 

Price has already advanced off the lows in what appears to be a corrective move.  That's what we would expect if a a w.2 or w.b was unfolding. 

While the sea may be full of red at the moment, it is in my opinion that a correction of the prior day's decline may be in order. 

Let's see what develops.

Best of Trading 

======================================================================

ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure. 

Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content")  provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade. 

A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blogsite.   

======================================================================

Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.