Tuesday, December 15, 2009

Elliott Wave Update 15 December 2009 ~ waiting...

SPX: Today's correction closed the gap the market created on Monday and is now ready to rally on.

At the moment my preferred count is still possible:

Today's action was submicro wave (2) of [3] of iii. That would mean that tomorrow should be rally day.

However, I can see now a little different count in which we completed micro wave [1] yesterday and are now in [2]. In the end we'll get the same but the rally would just be a little bit delayed.

The magic number the market mustn't break for both counts is 1086. So, as long as it stays above I expect 1160 in the near futur.

Tomorrow is FED day btw, so expect the common increased volatility.
May be it's the perfect day for a big rally? : D