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Tuesday, March 31, 2009

Elliott Wave Update ~ 31 March

Primary Count: SPX is tracing an ABC down to sub 768 for Minor wave 2. Wave [b] topped today it appears. Tomorrow should be downside. Targets are on the 30 minute chart. A brief dip below the C-E line I have been showing on my longer terms charts will likely happen. This would make sense of the 768-772 gap is closed, breaking stops should take it to 757 which is also support. A very bearish wave [c] could possibly extend all the way to 724, but I would not count on it. But certainly anything between 724 and 757 is also possible. Just count 5 waves down! And then go long.
Alternate Count: SPX has already started Minor wave 3 with 779 as the Minor wave 2 low. This would be based on minor 2 tracing an ABC expanded flat (EWI's pirmary count). Me and Kenny don't like that count, but we have to mention it because it is a valid alternate count strictly just looking at the waves.

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