We got the break in the index as anticipated, and the recovery looks good too. Be alert for a failure inside the wedge so you can join in soon after. Here is your chart.
- S&P500 Elliott Wave update
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 index: is a top already in?
S&P 500 update: where is the top?
S&P500 continues its rally
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
6 Comments
Hi Ramki,
Thanks to your visionary charts and advice I am short June SPX from 857 and it already a free trade (moved s/l to entry) so lets see how it goes at £10 per point spread bet
Hello Indy, I hope you have the opportunity to read today’s comments in time!
I wonder about your thoughts on trading this move using ETF or ETN’s? I realize, there are no stops.
What is the ideal vehicle? I’m not familiar with your preferences. Thanks for this terrific site, for all your kind energy. A breath of fresh air!
Hi John, I think SPY is a great way to trade the index. It is very liquid, and behaves quite techically too. For now, I see some supports at 83 level, and would prefer to wait for 87 before I will consider selling. There is a slight chance for 89 before down. Target between 76.50 and 78.00. Good luck.
i m out with a small profit-enough to pay my petrol bills for week-lol
Well done!