The 886 level in S&P didn’t hold for long, and any shorts there should have been stopped just above that level. The market continues to remain strong, and there is a pretty good chance we will reach 937. See what happens there. Don’t sell until we know a top is in place. As we are in the extending 5th wave position, we will have sufficient time to capture a good sized correction on the way down. (Usually we will get a 2nd retracement to the top, and the clues will be plain to see. I will ofcourse update you). For now, expect to proceed higher, and you should trade accordingly.
Related S&P500 links:
Was that the stock market bottom?SNP500 revisitedS&P500 and CitiFifth wave extensions can make you rich!What is a significant rally in the stock markets?Harmony in markets: S&P500S&P 500: Potential Ending Diagonal TriangleEnding Diagonal Triangle in S&P500?S&P500 Elliott Wave updateS&P500 index: is a top already in?S&P 500 update: where is the top?S&P500 remains resilientS&P500 ready to dive?S&P500 Update: May 19, 2009S&P500 Elliott Wave update:21 May 2009S&P 500 breaks higher: update 2 June 2009
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