Elliott Wave Count Week 9 2010

Another week for the bulls. They failed to make a new high though but it's possible that the usual Monday ramp up will create a new high.

This weekend, I concentrated on the bullish count and I have some interesting charts for you ; )

Bearish count: The bearish count is in trouble! If the market rallies above 1150 this count will be invalid! Still possible though that wave 3 will start soon.

Bullish count: The action from 1045 now looks like a motive wave. We're currently in the fifth wave that should end when it hits the upper trendline.

I still don't like this count (because of wave (3)) but the target for wave (5) may be the 62 % retracement level and the upper trendline.

How about that? ; )

New high in 2011, new low in 2012, crazy but we got the same structure 40 years ago.