Tuesday, November 23, 2010

S&P 500 ~ Elliott Wave Count 23 November 2010

The SPX declined much more than I expected yesterday. It sold off almost 1.5 % and is near the monthly lows again:

1173 hasn't been breached yet, so, it's still very possible that wave [b] to 1210ish is underway. Should the 1173 level break though then I think we're going to 1160ish or even much lower towards 1130 (H&S target, see chart at the bottom). There's even a fractal which supports lower prices for tomorrow as long as 1183.5 isn't surpassed:

So as you can see, it could go either way tomorrow in my opinion. As long as 1173 holds 1210 is still possible but below it 1160 or even 1130 is likely.