Jul 252012
Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
My main wave count for the S&P expects a big up-day tommorow, likely completing a 50 to 61.8 percent retracement of the 5-wave non-overlapping downward impluse that occurred between July 19 and July 24. The most likely target zone for the end of pink wave 2 is circled on the chart. I suspect that the GDP announcement just before the Friday open will be taken by the market as lousy, but not bad enough to force the fed to re-engage in further experimental QE at this time.
Sid
http://ElliottWavePredictions.com
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