Friday, June 22, 2012

Elliott Wave Update

Daily SPY with Elliot Wave Counts
This is an update from last week's Elliot analysis.

Downward impulse from April took 8 weeks but finished with the A-B-C which began the first week of June.  Large volume sell-offs yesterday and today seem to portend the start of another downward impulse (Orange line).

June lows of 127-ish come into play and should be strong support for a wave 2 to start.

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