Market Analysis on the Dow And S&P for 06/11/2009

I finally got back home after a long day of work. Although the non-farm payroll was bad, the market dipped and rallied back up. This indicates that the market is still bullish and not ready for the major tank. Btw, I believe that the market is now on the last leg of a rally (target at around 1,120 on the S&P) and the sentiment may turn soon.

Dow daily chart



S&P daily chart



Although the S&P seems to have broken the trend line (and also the wedge) everything seems to be intact on the Dow. Usually both of them have to move together for the movement to be a significant one.

I believe that both the Dow and S&P are poised to hit the 50% mark before turning back down for a nasty tank.

Elliot wave on the Dow



This is the Elliot wave counting on the Dow. We are going to go down soon baby!