Elliott Wave Analysis of the S&P-500 (SPX) from Sid @ ElliottWavePredictions.com. Click on the chart twice to enlarge.
In a nutshell, I still think that October 18 was the end of burgundy wave B, based on the strong fibonacci relationship of the lengths of burgundy A and B, as well as the strong MACD divergences at that top on a weekly chart. Then, the move down from from October 18 through November 16 appears most likely to be an ABC zigzag, so I’ve labeled that as wave 1 blue of an unfolding bearish leading diagonal black wave 1. Now, I expect wave 2 blue to present a pink abc zigzag, likely retracing between .66 and .81 of wave 1 blue. So far, it appears that pink “a” ended on November 23, and pink “b” likely today (November 28), with pink c currently underway to the upside as a green 12345 impulse or ending diagonal. Pink wave “c” will equal pink wave “a” times .618 at 1426, which is now my favorite target for the end of blue 2 because it falls within the .66-.81 target zone (between 1423 and 1441).
Numerous people have sent email feedback about my new “EWP Screen Shots” service, with the top recommendation (by far) to add a mid-week update, so that is exactly what I’m going to do. In addition to the weekend set of 24 screen-shots of the 6 items tracked, I’ll post another set of 12 screenshots mid-week, consisting of updated 240-minute and 60-minute charts (analysis and targets) of SPX, Gold, Oil, Euro, US$, and Bonds. The mid-week update will almost always go out on Wednesdays, but might occassionally take place instead on a Tuesday or Thursday. Thanks to everyone who sent in their opinions!