Wednesday, October 27, 2010

S&P 500 ~ Elliott Wave Count 27 October 2010

The SPX breached 1178 in the afternoon thus I think wave [a]/[w] of 4 finished at 1172 today:

Wave [b]/[x] should unfold now. After that either a wave [c] or [y] should complete this sideways correction. It's difficult to give any target for wave 4 because wave [y] could unfold in a triangle, in a flat or a zigzag, so the target area ranges from 1150 to 1180.