S&P short term Elliott wave update

S&P Elliott wave count update
March 21, 2013
Κυματική Ανάλυση στον Γενικό Δείκτη ΧΑ
March 24, 2013

S&P is fighting to hold above Monday’s low. Prices have pulled upwards towards 1555 yesterday and then declined to test the lows. Yesterdays low at 1543 came so close to our bullish scenario support. Fortunately it did not break.

spx5

Trend remains up, as the recent decline looks overlapping thus corrective. This could very well be wave (4) of 5.

spxD

Although we favor those bullish view towards new highs, we also have to keep in mind always the bigger formation is near its end.

Yesterday our members received in twitter the following tweet.

timestamp

Resistance levels are : 1555-1566-1575. Support at 1543-1532-1510

We should respect those levels. We are upward biased and always raise our trailing stops along the way.

As always thank you for taking the time to catch up on my thinking. Have a great weekend.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.