S&P500 Elliott Wave Update: 21 May 2009

When we are seeking an imminent reversal we are happy to spot anything that seems to support our view! This is a normal trader behavior. There is nothing wrong about that, because we could still be right! However, I suggest that you read about what an “Outside Day” is.

As I have been saying, we do have a lot of room left in this move once it begins. So the right way to go about trading this move is slow and steady. That way, you won’t get burned too soon. Good luck.

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 continues its rallyS&P500 remains resilientS&P500 ready to dive?S&P500 Update: May 19, 2009S&P 500 breaks higher: update 2 June 2009