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.
Wednesday, November 4, 2009
11/4 - SPX AM UPDATE
Here's one possible count. I have minuette (c) of minute [ii] in progress.
Subminuette iv of minuette (c) is tracing a possible zigzag. The gray EW Channels are in place.
If subminuette iv were to move as anticipated, 1047 looks like a good target. This would fill the gap, touch the lower channel line and re-challenge the purple trendline that was gaped through today.
Subminuette v would complete near 1062 and touch the upper trend channel and thus complete minute [ii].
All this would make for a nice 50% from 1101 - 1029.
The bullish alternate is that this may only be subminuette iii of minuette (a) of minute [ii].
Let's see what happens in 25 minutes...
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