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Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com

 S&P 500  Comments Off
Nov 092011
 

SPX 15m 11 9 11 1024x576 Elliott Wave Analysis of the S&P 500 (SPX) by Sid from ElliottWavePredictions.com

Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

The upward movement from the November 1 low can be interpreted as a triple zigzag, and reversed right at the .786 fibonacci. The aggressiveness of the downward movement over the last 7 hours brings back the likelihood that the October 27 high may not be eclipsed this year or next, and is therefore the start of Wave C Burgundy, although the possibility still exists that after a black wave B (moving in 5 waves to around the A/C equality target of 1201 by mid-November), a seasonal year-end wave C black rally may follow before a larger burgundy wave C gets underway.

Sid
http://ElliottWavePredictions.com

Elliott Wave Analysis of the S&P-500 Index (SPX) by Sid from ElliottWavePredictions.com

 S&P 500  Comments Off
Oct 202011
 

SPX 90m 10 20 111 1024x576 Elliott Wave Analysis of the S&P 500 Index (SPX) by Sid from ElliottWavePredictions.com

Elliott Wave Analysis of the S&P-500 Index (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Movement in equities and currencies is suggesting the possibility of a triangle formation, which means that downward movement may be quite limited at this time. 1191.48 is the SPX “line in the sand” between a running triangle and an expanded flat formation. If this is a triangle, and I think there’s a pretty good chance of it, price in the SPX is at about as low as its going to go now before the triangle completes, which would be followed by an upward terminal thrust. If price manages to move below 1191.48, an expanded flat is likely underway, and 5 waves down from the October 18 high would be required to finish the structure.

Sid

http://ElliottWavePredictions.com

Elliott Wave Analysis of the S&P-500 Index (SPX) by Sid from ElliottWavePredictions.com

 S&P 500  Comments Off
Oct 182011
 

SPX 90m 10 18 112 1024x576 Elliott Wave Analysis of the S&P 500 Index (SPX) by Sid from ElliottWavePredictions.com

Elliott Wave Analysis of the S&P-500 Index (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

My long-time primary expectation that equities will “hold up” thru year end is still in-tact, and is supported by long term wave structures in the US Dollar and Oil that require several more weeks of corrective movement to complete.

Today, equities rallied late in the session because of an unsubstantiated rumour that Germany and France had agreed to throw in a couple trillion Euros to prop up European banks, and then immediately after the bell, Apple missed earnings expectations for the first time since 2004. The SPX whipsaw made a slight new high, but the Euro was only able to muster a .618 retracement of its most recent high. The rally in equities is doubly stretched now, so despite my continued expectation for a rally through year end, I think its time for a bearish wave B black before the last upside push ensues.

Sid
http://ElliottWavePredictions.com

Elliott Wave Analysis of the S&P-500 (ES futures contract) by Sid from ElliottWavePredictions.com

 S&P 500  Comments Off
Oct 112011
 

ES 180m 10 11 111 1024x576 Elliott Wave Analysis of the S&P 500 (ES futures contract) by Sid from ElliottWavePredictions.com

Elliott Wave Analysis of the S&P-500 ES futures contract by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

The most recent whipsaw may be complete, and I think the S&P is getting close to starting into a move back to the bottom of the recent range. The fact that a large WXY combination correction can count as complete, (or nearly so), leaves those holding long equity positions in a high risk situation at this time, in my opinion.

Sid
http://ElliottWavePredictions.com

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