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Thursday, June 7, 2012

Elliott Wave Update ~ 7 June 2012

Primary count is that the top of wave [a] of Minor 2 occurred at today's price high.  The price peak represented already a 40% retrace of the entire decline from 1422 to 1266 SPX. So the evidence is strong that Minor 2 is occurring.

Minor 2 should normally be a sharp 5-3-5 zigzag up.  It certainly has been sharp in the [a] wave.  Now we are looking for a [b] wave pullback and then [c] wave to finish Minor 2 up.

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