Monday, January 27, 2014

S&P 500 ~ Elliott Wave Count ~ 27 January 2014

After important support levels were broken on Friday, the bullish count I posted last week is now very unlikely. It looks like we're in a fourth wave and thus will spend more time around the 1800ish are for the next couple of weeks.

However, if you look at a chart covering the last two years, you can clearly see that these 80 to 120 points declines were usually quickly retraced. Thus, this fourth wave might finish quicker than I currently expect.

Author: Patrick Eugster