For what ever it is worth the Elliott Wave counts out to a finish once again.
But I'm convinced corrective markets are not the forfeit of the Elliott Wave.
Until I see a confirmation of both the Ichimoku and the EW I'm not touching this market.
You have heard me say bear too many times.
The Ichimoku on the other hand never gave it's sell signal at 845. I'm so impressed by this trading tool!
I have also got to mention this little piece of wisdom. Never enter a position near the end of the day, always wait for about 20 minute after the open to take your position. Knowing this saved me from a loss. I would have been stopped right away, but why pay commissions on a loosing bid? Also it rarely pays to be so greedy that you try to enter before total conformation. Grabbing even 50% of a winning move is better than getting stopped time after time. Since the SPX had not broke 845 there was no conformation.
The retrace has got to be close at hand so keep an eye on the EUR/USD and wait for the Ichimoku to give total confirmation. Stocks and the EURO are likely to move together. Since the FOREX trades over night it can give insight to the stock market open. To be honest the Dollar has been giving it up so that market may rally on that, but the EURO may also be overbought and ready for a little reprieve.
Here is how we stand now.
M1 - Weak buy from a tenkan/kijun cross but price is in the Kumo
M5 - Weak sell from a tenkan/kijun cross but price is in the Kumo
M10 - Bearish tenkan/kijun cross, price is above the Kumo but below the tenkan and kijun. Slightly bearish
M15 - Bullish but weakening, price is above the Kumo
M30 - Bullish but weakening, price is above the Kumo
M60 - Buy signal was given and still above the Kumo
D - Remains in a bullish stance since March 23.
M - Remains in a bearish stance since July 2008.
The signals are mixed and, there is no entry at this point.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.