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Tuesday, June 24, 2014

Elliott Wave Update ~ 24 June 2014

Again the weekly shows a potential extended wave Minor 5 of Intermediate (C).
The 30 minute SPX chart was incorrectly showing the wrong price points for the start of waves (i) and (ii) of [v]. But it doesn't change the fact we are still trying to confirm the top of wave (iii) of [v] perhaps today was the day. The count is corrected and the use of a 60 minute chart for the final wave [v] is below.

Note the blue virgin space rectangle box in the proposed middle of wave [3] of iii of (iii). And yeah, the wave structure has the potential to drag out all damn summer long. 1902 SPX is the key level here. The virgin space really shouldn't be breached unless and until the entire 5 wave structure is considered complete.
The corrected 30 minute SPX showing proper subwave degrees. Again still trying to confirm the top of wave (iii) of [v] of 5 as shown on the weekly is the best count going for us.

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