Stock Market Analysis With The Elliott Wave Principle -Dow Jones, S&P 500, Russell 2000, Nasdaq and FX. All charts and commentary on this site are strictly the opinions of the author(s) and are for recreational purposes only. In no way should this be construed as trading advice or a recommendation for investing. See disclaimer at the bottom of the page.
Wednesday, March 10, 2010
3/10/10 - SPX EOD
She looks like she's getting close. I think Blankfiend's initial hunch is still right.
A wedge is forming, which implies a potential Ending Diagonal is in the works. I think the ED begins were I have the second wave iv on the right. My upper contracting trendline is arbitrarily drawn in but I anticipate that price will paint within that two trendlines.
I'm still sticking to this count but do want to point out that if 1150.45 is taken out on a final thrust up for this ED, a top is still expected. What would change at that point is that I would consider that the top of P2 vs minute [ii] of P3 or the top of a minute [X] wave before a minute [Y] down.
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