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Friday, November 18, 2011

Elliott Wave Update ~ 18 November 2011

The SPX is above support. The wave structure since the 1292 SPX high does not look terribly impulsive down over the last few weeks.

It comes down to if major support is lost, a severe selloff Minor 3 down is not out of the question and in fact a very high probability.   1190 SPX is the lower price of the support range. The market closed a full 26 points above this price today.

However Minor 2 has had more than enough price retrace to be considered "done" at 1292 SPX.  The only question was time.  Though the last few weeks has kind of made up for the time factor.

Still, its probably best to slap a 2 at the 1292 and see if the market can best it.  If 1190 is lost, prices can run a long way lower.
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