Sunday, November 7, 2010

S&P 500 ~ Elliott Wave Count 7 November 2010

The SPX made a new uptrend high this week above 1220 and closed near the highs of the week at 1226:

As you can read in my outlook on November there are two slightly different bullish counts I'm tracking right now:
Either the SPX is already in wave 5 and should continue its rally into December to about 1300 or we're at the very end of wave 3 and are about to enter a sideways wave 4 consolidation which should last a few weeks. After this wave 4 though the SPX should rally to 1300 as in the first count.

You can see that the only difference is that in the first count the rally towards 1300 should start in November while in the second one the rally is postponed until December.