DMA200 reached as expected . Wait for the result of the test . A Shooting Star may be a sign for Wave 2]c) . A cross above the "W" neckline and DMA200 for Wave 3] .
ammo, "W" pattern failed, so target may be 930 mu. Five waves DOWN, three waves UP. There may be another five waves DOWN.
"W" pattern confirmed. May go UP to DMA50 at SPX 1140 or left shoulder at 1150. DMA200 turns into support. Note: There is something that looks like a Hangman.
Interesting Fibonacci relationships. There is something that looks like a Tri Star pattern, which is a bearish reversal pattern. Target = 960 if fells from here. http://www.investium.net/library/003-Candlestick_Summary.pdf
There is an opposing viewpoint by a person also using the Elliot Wave Theory. He is forecasting a spike up instead of a drop. http://www.tradeyourwayout.com/ Addendum: In looking at the SPX, DAX, Nikkei, & BSE (India), they all look like they want to turn down. But I've seen this before, and instead of turning down, we continued up. Just before the close, I saw a last second 12.x million sell in the SPY. You can verify this if you look at the intraday volume. Monday, I expect a gap down and I'm buying at the open. If the market drops, I'll sell. From two different Elliot Wave theorists, this market can go either direction. Good luck everyone!
Thanks Petsamo, Futures force me to reconsider alternative count. mu. There may be two move subwaves UP to DMA50 1139.15 or measured move targets near SPX 1140, before the end of Wave 2]b)c.5:5 or Wave 3]1)1.5:5v . A drop below the red line at 1108 favors Wave 2]b)c.5:5 A Shooting Star will be good for the Bears. Note: Divergences in RSI and MACD (15-minutes chart). Stocks set to surge Jun 21 6:44am: U.S. stock futures and world markets soared Monday after China signaled it would let its currency trade more freely. http://money.cnn.com/2010/06/21/markets/premarkets/index.htm
Bearish Candle Sticks in all indices :eek: . Two Shooting Stars. Two Red Candle Sticks. Looks like a key reversal day . All indices drop from DMA50.