Wednesday, December 23, 2009

Elliott Wave Update 23 December 2009 ~ pre-Christmas excitement

SPX: Today was pretty similar to yesterday: gap up - new year high - 5 point drop - secondary high in the early afternoon and another smaller correction to end another very exciting trading day.

And here it is..... the most bullish count I found as a Christmas present for you : )

As it's the end of the year and everybody seems to be uber bullish, today's correction to 1116 might have already completed micro wave [2]. In this case, the market mustn't fall below 1116 and just continue to rally towards 1160ish into New Year.

I know that we're heavily overbought and all that but it's Christmas time and the Dollar looks like it has started its correction. So, anything is possible ; )

Hope you've bought all your presents ; )

Merry Christmas!