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.
Friday, January 22, 2010
1/21 - SPX BEARISH FORECAST
Keep in mind I do have a bullish count, however the second chart is my primary and preferred count. I know I just provided a similar count on the previous post, but I wanted to isolate this count here.
I updated the bearish labels on the second chart and I think it goes well with the larger (imaginative) count that I have. The smaller degree count potential, coupled with an 1130 resistance level, a 61.8% Fib retrace level and an ascending trendline resistance level supports this potential market path.
Tomorrow will be interesting!
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