It's been in a long time since my last update! I posted my last Elliott wave count ten weeks ago. In the meantime, the SPX climbed 50 points and reached the 2000 level. Despite this, my count is still valid and thus I haven't changed anything except for adding the proper subwaves:
It looks like the rally which started three years ago is soon coming to an end as we seem to be in a fifth of a fifth of a Primary wave. The waves actually line up pretty well with the end of QE in October which will likely have a negative impact on the market.
Medium- and short-term counts follow tomorrow morning.
Author: Patrick Eugster