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Friday, June 27, 2014

Elliott Wave Update ~ 27 June 2014

Still trying to confirm the top of wave (iii) of [v] of 5
The proposed extended wave 5 is important in that a strong guideline suggests that once completed, prices will reverse rather quickly to at least back to the origin of  wave 5 itself. This is because an extended wave 5 means the market has overextended itself so quick reversal is the guideline.

For the SPX the beginning of wave 5 was 1560. So again, after completion of cycle b, we can expect a downside "kickoff" wave (for cycle wave c) to take us back squarely under 1560 for starters. And since the wave 5 price advance took 12-14 months, expect the trip back to 1560 or below to take a few months at most or even only a few weeks. But at this rate, we have to endure the final waves to play out first. The size of the pattern suggest waves (iv) and (v) of [v] may take several weeks or more but be on your toes.

This count squarely has SPX 2000 or slightly higher in sights.  A final cycle high of 2,014 SPX points would fitting.

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