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Tuesday, September 22, 2015

Elliott Wave Update ~ 22 September 2015

We mentioned near term support at around 1937 SPX. That was punctured a bit today. The day revolved around this support area and even though prices finished higher, we got all the way down to 1929 SPX. If this fails, expect 1903 to be tested.

Best counts is that the market is working its way down to a lower low under 1867 either in Minute [v] of Minor 1 or Minor 3 itself.  The wave structure since the August low has been overlapping and choppy which indicates its likely a corrective wave to a larger downtrend.

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