Sunday, November 21, 2010

S&P 500 ~ Elliott Wave Weekend Update ~ 21 November 2010

Last Friday unfolded as expected: an early drop to complete wave iv and then a wave v rally into the close:

Tomorrow is Monday again and as we know most Mondays are up. However, the last two were actually down and I think, even though the ES just opened higher 6 handles, it could happen again. In my opinion, wave (a) is or is almost finished and a (b) wave should follow. Wave (b) may test the declining channel again before a wave (c) starts to complete wave [b] later this week.

Medium term nothing has changed, I think wave 4 is still underway and may be completed in a week or two or so: