S&P 500 EOD Review 4 Nov 2011
The S&P 500 did one move down and one move up in the last session. The down move looked impulsive and the up move looks corrective. I’m labelling this as Micron waves (1) and (2). This would be part of the Subminuette (iii) that is in progress. This means that the target for this move is the 1170 region. There is resistance expected at 1195 and 1205 region.
A head and shoulders pattern could also be forming. That would be a nice confirmation of this down move.
After this down move ends, we would need to review the charts again and see whether is this part of a larger move down or is it the Minor wave X which is the correction for the Minor wave W which ended at 1293 on 27 Oct 2011.
I’ve been looking for charting tools or services that provide hourly or 30-min charts for the Asian markets such as Singapore and Hong Kong but I can’t find any. So I’m using a combination of tools currently to chart the S&P 500 and the Asian indexes. Please do let me know if anyone knows of any tool that can provide hourly or 30-min data for the Asian indexes.
Elliott Wave Analysis 