S&P 500 ~ Elliott Wave Count 9 July 2010

Until now the wave from 1010 has retraced a bit more than 50 % of the previous wave down. Second waves usually retrace between 50 and 62 % of the first wave, thus a textbook wave [ii] so far. There is also some nice relationship between the subwaves: (w) = 0.62*(y) = 1.62*(z).

The rally from 1010 looks pretty strong though and if the downtrendline is broken and the MA 200 regained a new bull wave towards 1300 or even higher could be underway. Over the weekend I've seen another bear count on different blogs (Minor 1 ended at 1010). This count is certainly possible but why trying to force a motive bear count on the SPX when a corrective count looks much better?

Gonna post a EUR/USD update later