Thursday, May 29, 2014

S&P 500 ~ Elliott Wave Count ~ 29 May 2014

The rally continues today despite a decline in the US GDP.

It looks like wave [iii] is underway. If that's the case, a target of 1960ish is likely:

Some readers pointed out that we could be in an ending diagonal and thus upside would be limited to about 1920-30. This is a valid alternative and I'll closely look how the market reacts over the next few days. If the SPX breaks below 1900 convincingly, this alternative may very well be underway.

Author: Patrick Eugster