Thursday, December 16, 2010

S&P 500 ~ Elliott Wave Count 16 December 2010

The SPX broke out of the declining wedge today, rallied and then closed just a few handles below the yearly highs.

The move from 1233 appears to be a five wave rally (i.e. bullish) thus I think if today's lows hold we'll see new highs very soon:

I changed the count a little bit because the correction from 1247 to 1233 was too small to be a wave [ii]. Imo it counts better as an extended wave [v] (i.e. today's low was wave (ii) of [v]) but the target area (1280-1300) remains the same once 1247 is cleared.