Boy did I get this one wrong... Before I go kill myself, I will draw you attention towards my post from January 29.
http://theelliottwavesufer.blogspot.com/2011/01/s-500-wave-2-top-or-just-wave-1-of-c.html
Where I said, that if the decline from 1,302.40 was a C-wave then we should soon see a break back above 1,297.03.
It's okay to get it wrong, if you just know when you are wrong and where to place your stop. This was one of those times.
What can be expected from here? As you can see resistance is tough in this area, but a continuation higher towards the 78.6% retracement of the decline from 1,576.05 to 666.92, which comes in at 1,381.50, if we clear 1,312.71. Maybe the count below is the right one? It certainly is gaining credence as the S&P 500 keep on rallying.
At this point only a break below 1,275.23 will indicate a top and trendchange.
No comments:
Post a Comment