S&P 500 EOD Review 10 Feb 2012

A really weak impulsive move down. This does not look like a part of any major correction. It is looks more like just a small or sideways correction. The hourly MACD is turning down and has crossed the zero line. It is very much in a neutral zone. The divergence on the hourly MACD still exists but it is getting shallower by the day with each new higher high registered.

We have either five waves down or the first four of the five waves down. Further downside is expected as five waves will be followed by another five waves .At the moment the target is 1316.

S&P 500 EOD Elliott Wave Chart 10 Feb 2012

S&P 500 Fibonacci Confluence

The market moved to the lower limit of the current band at 1338 – 1362.

S&P 500 Daily Fibonacci Chart 10 Feb 2012

S&P 500 Volume and MACD

The volume is light still. The daily MACD is turning down again.

S&P 500 Daily Volume Chart 10 Feb 2012