Monday, February 3, 2014

S&P 500 ~ Elliott Wave Count ~ 3 February 2014

After breaking below 1774 today the trend is clearly down. And it will remain bearish as long as we stay below this level.

Below you can see an updated version of the wave (4) count. There are obviously more bearish alternatives but for now I prefer to keep it simple. No important long-term supports have been breached and thus I'll remain cautiously bullish long-term.

We've had many sell offs since late 2011. They measured between 80 and 155 points. The current decline measures 110 points so far. Thus, bears shouldn't get too excited yet.

Author: Patrick Eugster