Sunday, November 8, 2009

Elliott Wave Update Week 45 2009 ~ Spot on!

SPX: As expected last weekend, the market had a pretty good week and hit my short zone around 1070 on Friday. Thus, I think Minor 2 is in its final stage or has already finished at 1071.

As mentioned in the chart, Minor wave 3 should end in the mid 900's making it 1,62 times Minor wave 1. After that, Minor wave 4 and 5 should follow and complete Intermediate wave (1) around 900.

My targets for Primary wave [C] by the way are 466 and 539. So, until the market hits one of these targets, I remain a bear ; )

Primary count: at the end of Minor 2 of Intermediate (1) of Primary [C]
((Alternative count: in Intermediate (B) of Primary [B] ))

Have a good week!