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European Debt: An Elliott Wave Perspective

$SPY Elliott Wave Update – 7/16/2009

July 16, 2009 at 8:12 pm | Trade Artist | Comments 0
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The five wave advance that started last Wednesday should be close to ending. Wave 5 commonly equals the distance traveled in wave 1 ($1.90) and would put the wave 5 target at $94.94. Today’s high was $94.51 which is close enough for government work. The question is how deep will the pullback be? My best guess is at least the $91.70 area as this is the 38.2% retracement of the 5-wave advance as well as gap support from yesterday.

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