Again, today was more of wave (iv) of [v] of 5 action most likely. It was predicted that the market would "hang up" in a wave (iv) that may take many weeks. So far price action has supported that notion.
***DANERIC'S ELLIOTT WAVES ALERT***
Yes its a boring market at the moment, however I have an EXCITING post being formulated that explains the entire wave structure from the 2009 low (which is a proposed corrective cycle-sized - "cycle b" - double zigzag count) in a few SPX charts.
The charts will detail proposed wave [W] (the first primary-size zigzag), wave [X] (the large panic corrective between the double zigzags), and then wave [Y] (the second primary-sized zigzag) and give a detailed Elliott Wave explanation for why we have the preferred count the way we have it. It will also explain the top alternate count from the 2009 low and explain what price action must occur for this blog to change its preferred count from the 2009 low. Cycle wave counts do not get changed on a whim. The separate post will be for hardcore EW theorists particularly for those that follow Robert Prechter's hierarchy count system (as I do).
The post will be closely monitored and any gross offenders of etiquette will be promptly banned. Also, any discussion of anything other than what the post is about (count from the 2009 low) will be deleted for brevity's sake.
My goal is to get the post out before midnight EST. If for some reason its delayed, tomorrow it will be published.
***END DANERIC'S ELLIOTT WAVES ALERT*** (heh)
Ok back to tonight's post: Same charts just updated. Sometimes the simple thing is that we keep repeating the same charts because they work for us for long periods of time. When they "break" we must change them and adapt. Not yet for these charts: