Sunday, November 29, 2009

Elliott Wave Update Week 48 2009 ~ The magic number stays at 1029

SPX: This week was even more exciting than last week! This week the SPX changed by 0.11 points, from 1091.38 to 1091.49. I'm glad I can't follow the market at the moment lol.

I initially thought that wave (b) could reach the 50% retracement level around 1070 but now it looks like it might have ended at 1084 near the 38% retracement. So, the rally on Friday could have been the beginning of "my" X-mas rally (last week's chart):

There are things though I don't like. One example you can see on the following chart:

These fractals are so similar, especially the October and the actual one that I just have to show it to you. If you're familiar with fractals the October one would be the child fractal and the actual one the parent fractal. If the similarity continues the market should decline heavily next week contradicting my preferred Elliott Wave count.

The magic number stays at 1029. When this level is broken at least an Intermediate top or even THE top should be in.

Primary count: in (c) of [v] of C of (Y) of Primary [B] (last upwave)
Alternative count: 1114 was THE top for many many years (in [iii] of 1 of (1) of Primary [C]), confirmation below 1029