Wednesday, January 27, 2010

SP Elliott Wave Update


It is very early in the development of the move down and so the labeling  of this chart is tenative. This is a common count however, and almost all alternatives call for continued downside. The 2 wave has resistance at the trend line and the 4th of lesser degree; 1114, which is also a 50% retrace.
The important thing here is that the next leg down will likely be a 3, usually the most powerful. So the 3= 1.618 of the 1 at 984, and 2.618 of 1 at 918, using the 2 as labeled above.

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