Tuesday, December 22, 2009

Elliott Wave Update 22 December 2009 ~ micro wave [1] topped

SPX: Right after the open the SPX made a new high at 1120 near the 50% retracement level - ...well... and that's everything one can tell about today's market action.

As mentioned in the update right after the open, micro wave [1] topped at 1120. From there the market started its correction. So far, we've seen a 5 point drop labeled as wave (A) followed by a rally in the afternoon labeled as wave (B). Tomorrow I expect wave (C) to unfold and end around the wave (4) low to complete micro wave [2].

After that, the rally should resume and continue to make new highs till the end of the year.