Sunday, December 20, 2009

Elliott Wave Update Week 51 ~ still 1160ish

SPX: Another very exciting week - so exciting that I don't even know what to tell you... Well, the most important thing was that the rally I expected didn't occur.

Already on Tuesday I mentioned that my short term count might be incorrect. Two days later I got confirmation that the count was incorrect and the rally will be delayed.

On Thursday when the markets were heading lower I changed my preferred count: The top of wave i/[1] is now at 1115 (Dec 14). From there the market corrected in a wave ii/[2]. On Friday wave ii/[2] should have bottomed and wave iii/[3] started. That's supported by this fractal.

Primary count: in Subminuette iii of (c) of [v] of C of (Y) of [B]/[2] (Look here for wave degrees)