S&P500: Elliott Wave comment at 26th of September

This week there is no need to update my Weekly Reports since the markets have been in range. Old Weekly Reports are still valid!

S&P500 break of 1180 would be a further confirmation of the bear market. Eventually, a bear market rally should stop at 1230-1250 at maximum. Above 1310 the scenario is different and temporary bullish.

S&P/MIB follows: break of 26.800 would be a confirmation of bear market, with a major force, and eventually the bear market rally should stop at 27.500-27.700. Above 28.500 the scenario is different and temporary bullish.

It is better to wait for Monday before going into position: usually, on Monday we could have a countertrend up movement, even a violent movement, based on weekend news. Anyway, targets of this bear market are very far from here.

What we are watching in these days is a tentative to support the market before the crash with some fuzzy, smiling and even confused news: Warren Buffett saving Goldman Sachs, Paulson saving the financial system and Bush saving the world!
Waves of market tell another story, that probably is coming soon ...

For Elliott Wave counting, further details, targets, setup dates and technical charts, please refer to my S&P500 and S&P/MIB Weekly Reports.

H.F.L.