The 886 level in S&P didn’t hold for long, and any shorts there should have been stopped just above that level. The market continues to remain strong, and there is a pretty good chance we will reach 937. See what happens there. Don’t sell until we know a top is in place. As we are in the extending 5th wave position, we will have sufficient time to capture a good sized correction on the way down. (Usually we will get a 2nd retracement to the top, and the clues will be plain to see. I will ofcourse update you). For now, expect to proceed higher, and you should trade accordingly.
Related S&P500 links:
Was that the stock market bottom?
SNP500 revisited
S&P500 and Citi
Fifth wave extensions can make you rich!
What is a significant rally in the stock markets?
Harmony in markets: S&P500
S&P 500: Potential Ending Diagonal Triangle
Ending Diagonal Triangle in S&P500?
S&P500 Elliott Wave update
S&P500 index: is a top already in?
S&P 500 update: where is the top?
S&P500 remains resilient
S&P500 ready to dive?
S&P500 Update: May 19, 2009
S&P500 Elliott Wave update:21 May 2009
S&P 500 breaks higher: update 2 June 2009
4 Comments
Ramki you´re the best elliotician ever. Your count always make sense!
Thanks, Fausto. The market is a great teacher and can quickly humble anyone who thinks he is smart. So I always claim to be a student, perhaps with more grey hair than many of my friends 😉
Thanks for the update Ramki. There is a gap from 1/7/09 at around 930 that I feel will get filled..
Ross, you are right. Gaps do tend to attract!