Friday, December 2, 2011

S&P 500 ~ Elliott Wave Count ~ 1 December 2011

We got the expected fourth wave sideways consolidation yesterday. The SPX corrected to the support level at 1240 and then moved sideways for the rest of the day:

Wave (iv) is probably finished so we could see one more push higher. A possible target is the resistance around 1265. After that I think a bigger correction is due which should retrace a part of the most recent rally from 1159. If bulls get out of control and we get break above 1265ish next targets are 1275ish and 1292ish.