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.
Friday, July 2, 2010
SPX BULL OPTION
Here's an update to my bull option that I posted yesterday with an alternate count (in gray) as well. The primary count on this chart shows that minuette (a) of [y] is nearing completion and a bounce to (b) should occur before dropping one last time in wave (c) to complete Minor B down.
The alternate in gray shows that Minor B may be complete. Not too sure about this one but this may go with the possible daily MACD divergence that has a potential to develop if the market rallies.
Overall it's still a bearish looking environment especially with our Death Cross this AM. However, this chart I believe should be watched and kept in mind.
Here's a channel and possible support trendline to keep in mind.