You will recall that in my last update of 23rd April, I had warned of another move higher. Once an extending fifth wave is completed, and we get a first sell-off, we should always be on the alert for a retracement all the way back to the highs, and potentially even marginally higher levels. It was this notion that caused me to warn you of a recovery. However, many traders are still itching to sell. Where is the top for S&P500? I suggest that you be patient. We could reach 886 levels soon. See what happens there, and sell as we turn down, with a stop just above the high posted. Good luck!
Related S&P500 links:
Was that the stock market bottom?
S&P500 and Citi
Fifth wave extensions can make you rich!
What is a significant rally in the stock markets?
Harmony in markets: S&P500
S&P 500: Potential Ending Diagonal Triangle
Ending Diagonal Triangle in S&P500?
S&P500 Elliott Wave update
S&P500 index: is a top already in?
S&P500 continues its rally
S&P500 remains resilient
S&P500 ready to dive?
S&P500 Update: May 19, 2009
S&P500 Elliott Wave update:21 May 2009
S&P 500 breaks higher: update 2 June 2009