Transmenu powered by JoomlArt.com - Mambo Joomla Professional Templates Club

Special Elliott Wave S&P500 Bulletin   

For April 22, 2009

Ananth Acharya

The S&P500 found support at 826 levels and we saw a Wave 2 counter trend rally on Tuesday. This rally was definitely in line with expectations.

For tomorrow April 22 2009, we expect S&P 500 to continue the wave 2 rally further into the 860 levels before it turns down to work towards lower levels.

The outlook for further rallies beyond 872 at this stage appears very bleak and we should be looking at lower levels sooner rather than later.

Three-minute chart of the S&P500 Index showing the corrective Zigzag pattern from Monday’s low close. Chart by Elliottician.com

More clarity shall emerge as the markets unfold further. 

Suggested Elliott Wave Reading

Forecast Change for Elliott Wave Followers by Matt Blackman (SFO article explores recent EW research findings)

http://sfomag.com/article.aspx?ID=1218

Short Overview of Elliott Wave Principle

http://www.indiacharts.com/EW.htm  

Elite Trader’s Secrets by Richard Swannell (Free eBook)

ftp://ftp.elliottician.com/pub/ebooks/ERP1Results2003.pdf

Elliott Wave Principle by A.J. Frost and Robert Prechter

http://www.elliottwave.com/books/ewp/default.aspx?code=oco 

R.N. Elliott's Masterworks edited by Robert Prechter

http://www.elliottwave.com/books/rn_masterworks/default.aspx?code=oco

Disclaimer

TradeSystemGuru.com obtains information from sources deemed to be reliable; however, TradeSystemGuru.com does not guarantee the accuracy of any of the information provided. TradeSystemGuru.com makes no warranties, expressed or implied, as to the fitness of the information for any purpose, or to results obtained by individuals using the information. We may or may not be invested in any investments cited above.

In no event shall TradeSystemGuru.com be held liable for direct, indirect, or incidental damages resulting from the use of the information found on or distributed through this website. TradeSystemGuru.com shall be indemnified and held harmless from any actions, claims, proceedings, or liabilities with respect to the information and its use. TradeSystemGuru.com does not make specific trading recommendations or provide individualized market advice. All information provided is to be construed as opinions and is intended to be used as an educational information service only. We encourage investors to contact a registered securities representative prior to making any investment or related decisions.

Any and all forecasts and opinions expressed herein are for discussion purposes only and are not intended to constitute investment or trading advice.