6.21.2012

Wave 5/3 (or 5/C) if it can be made of from a rebound today and tomorrow may target 1367.xx or 1381.xx.

SPX daily indicators
All indicators look bullish and none of them revealed overbought.

Elliott wave reading from 30min chart
Price could be either in the forming of wave C (final state of a counter trend rally - bearish scenario) or in the forming of wave 3 of an impulsive 5 waves up (bullish scenario).
The internal wave structure seems that the movement since 11am of 6/12/12 till now had revealed 4 waves of a 5 waves structure. Wave 4/3-bullish (or 4/C - bearish) had probably finished at 1346.45 - the yesterday's low. If that was correct, then I expect to see a following rebound today to form wave 5/3 (or 5/C).
Wave 5/3 (or 5/C) if it can be made from a rebound today and tomorrow may target 1367.xx or 1381.xx.

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