We Sure Got Our Follow-Through Rally
On Wednesday night, we laid out a plan at Elliott Wave Trader -- we said if the 1336 level on the S&P 500 were breached to the upside, the target could be the 1357 region. In fact, thus far the index has actually exceeded that target. Furthermore, for those who did not take the long position, you still had a 12-point rally to enter on the pullback Thursday morning, as we expected and outlined.
In fact, the market has played more bullishly than we had expected. For the E-Mini S&P futures, the retracement for wave 4 of iii only came down the 1.00 extension, and then moved up to complete the fifth wave of wave iii at 1359. That was 2 points higher than the ideal target at the 1.618 Fibonacci extension, and just one point below the 1.764 extension just below 1360. However, one more extension was seen overnight to target the 1360 level, and recently the index was trading around 1370....270 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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