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Friday, September 5, 2014

Elliott Wave Update ~ 5 September 2014

It was indicated yesterday that a solid price decline beneath 1990 SPX would likely confirm an ending diagonal triangle pattern for wave v of (v) of [v] of 5. Prices declined but bounced solidly off of 1990 support thus we must assume cycle wave b has not yet peaked.

The best Fibonacci wave relationships probably occur in the 2030 - 2034 SPX price range as noted on the chart below.  This price range would likely take prices back toward the upper channel line.

There is of course the possibility that when Monday comes there may be higher volume due to end of summer vacations and that prices will decline rapidly in a small wave three down of some degree. Since there is not much price room to spare, the two counts presented tonight are practically diametrically opposed. 

So either way, we'll get a good idea by midday Monday trading which way its going.  I generally lean toward the 2030 - 2034 interpretation. 

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