Smart Trades Update 6.16.11: Elliott Wave Analysis S&P, Bonds, Crude, Euro FX

[cnmario]

If the market is headed down where do you think wave 1 should find support ?

[T1systems]

@cnmario I really don't think we are in a wave 1, and if we are I'd look for pattern completion. That said, support is support....so 1240-1245, then 1220, 1170, 1130, and 1000. If you remember 1220 was the call I had for the April 2010 top, and there's also a top there from Nov. 2010. That's the first really important support (1220 SPX cash).

[74stavi]

thanks bill for your video and the hard work you put in it. i definitely subscribe to the channel

[skibuum]

your alt $SPX count could be a triple zig - zag, 3 wave structures to make the 1270 top

[T1systems]

@skibuum Thanks for your comment. Please see my last report (5.30.11). I discuss the triple zig-zag in detail. If you read Elliott's original text or EWP you'll see multi-zig-zag sections tend towards similarity if not equality. From the July 2010 low you either get two very long and one very short zig-zag, or two very short and on long zig-zag. Moreover, the "zag" downside corrections are of different scales too. In short, it doesn't "look" like a triple zig-zag at all.

[T1systems]

@skibuum Could it be a triple ZZ? Yes. Is that the best interpretation or most likely scenario? No.

[T1systems]

@T1systems OTOH, a 3x "ZZ Top" ....it's "Got Me Under Pressure"...... sorry, but I like ZZ Top and I couldn't resist.