Stock Market Analysis With The Elliott Wave Principle -Dow Jones, S&P 500, Russell 2000, Nasdaq and FX. All charts and commentary on this site are strictly the opinions of the author(s) and are for recreational purposes only. In no way should this be construed as trading advice or a recommendation for investing. See disclaimer at the bottom of the page.
Thursday, September 24, 2009
SPX - 9/24: Bullish Count
As I mentioned earlier I would post a bullish count. Here it is.
With waves 2 and 4 now complete, we may place EW trend channels to assist us with locating the end of Minute [v]. An end at the mid channel line over the next week or so would take price near 1090.
In a previous post (Fibonacci Fans), 1090 was the 61.8% retracement for the decline that began on 10/07.
As I mentioned earlier I do have a problem with the count for wave b of Minute [iv]. It looks more like 5 waves to me, which would invalidate it as a 'b' wave. But what do I know.
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