Thursday, December 31, 2009

Elliott Wave Update 30 December 2009 ~ Wave iv already finished?

SPX: The market opened lower and started to rally when the PMI was reported. After closing the gap it randomly moved up and down for the rest of the day. All in all a very interesting trading day...

When I posted the triangle yesterday I first thought that this is some part of wave [X]. But since the SPX broke the pattern to the upside and not to the downside as expected wave iv might have already finished.

A new high today would very likely confirm that wave v started. I expect wave v to end when it hits the middle trendline in early January.