Monday, December 28, 2009

Elliott Wave Update 28 December 2009 ~ micro wave [1] and [2] completed

SPX: The market opened higher again and hit 1130 a few minutes after the open. After that the correction began and bottomed at 1124 in the afternoon. From there the SPX rallied into the close.

As I've written in my weekly update I replaced the (b) wave. This has some consequences for the short term count: I have to raise the wave degree by one; e.g. submicro wave (1) in the old chart is microwave [1] in the new on.

So that you're not totally confused : ) I'm going to post both charts, the old one from Friday and the new one ; ) (but in fact it's exactly the same, just the wave degree is different ; ))

The old one:

The new one:

As expected on Friday the market opened higher and finished micro wave [1] shortly after the open. Then, micro wave [2] unfolded in a simple zigzag and bottomed about 90 minutes before the close.

Micro wave [3] should now be underway with a target of 1145 within the next few days.