Thursday, October 16, 2014

S&P 500 ~ Elliott Wave Count ~ 16 October 2014

The break of 1905 confirmed that the Primary wave that started in 2011 is over. The SPX already lost 200 handles from the top - the biggest decline since 2011.

Below you see my bearish long-term count (I'll post a more bullish one later).

It's possible that we entered a new bear market. However, for now, it's way too early to tell. But even if this is just a correction, I think a decline to the lower trendline is likely.

Author: Patrick Eugster