Click here for a live and updated chart!!!7:16, Support for the SPX has moved up to 1171.17, which would be the first sign that the SPX is starting to make lower lows, for now though the trend remains up as the SPX made another higher high this morning.
This is the Neo-wave count I have been carrying for many months. A triangle, followed by a counter-trend triangle.
7:08, This Elliott wave count matches the above Neo-wave count now, and would work just fine if the SPX makes a higher high. At this point now, I do believe odds are now favoring this count over the 1-2 down count in question marks. I normally do not ask for comments, but PLEASE leave a comment about the above count if you have one, good, bad, or ugly? :)
6:50, After a gap up open, the SPX is now testing the 200 week MA at 1194.25. 
The long upward corrective count is looking a lot less ugly than the 1-2 down count right now, and I bet we get a new high for the Fed's QE2 announcement next week ;-)
ReplyDeleteThe trouble is corrections are so fiendishly difficult to count as they unfold in real time.
I have some COT research that is saying commercials are net short across the board - in the NDX they are more short then in 2000 and 2007. This fits well with the 1,2 count. technical backdrop remains a trainwreck as well.
ReplyDeleteYogi, agree, impulses are tradable, but these corrections are a pain in the butt to decipher.
ReplyDeleteTom, I still believe the market is heading for a major sell-off, the larger question is will the INDU and the SPX make a new high before the sell-off.
i am with a similar count... but litle different... X is one step behind ... A in 1214... B in 950 or around... C around 1120s...
ReplyDeletei am in a B at the moment...
alternative is X in same place (one step behind that one you have)... but A in 1151/2.... and we are in a expanding triangle B... that should finnish around 950 or so and after the same C up to 1120s/1140s
best to you michael....
we should see some drops and after again nice gains....
Nice Creepy :)
ReplyDeletedow 10300/10400
ReplyDeletechart translate ====http://mcclinbeursanalyse.blogspot.com/