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Tuesday, March 20, 2012

Elliott Wave Update ~ 20 March 2012

We got the hard backtest of the 1400 SPX support area as suggested in yesterday's update and it held pretty good for today.  We'll call today's low wave (iv).

Tomorrow should be a telling day for the overall short term wave pattern from the 1340 low.

Again, there are enough waves in place to consider wave (v) has peaked at yesterday's 1414 mark. However, the pattern still looks decent with today as a wave (iv) low so thats the count for now.

We have a solid channel formed where (i) and (iii) and (ii) and (iv) connect on a parallel channel. We also have a sideways corrective (ii)  alternated with a sharp corrective (iv).  We also have some Fib targets based on wave relationships.

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