Monday, February 22, 2010

SP Alt. Counts

Most of the Elliott Wave counts I've seen have the SP 666 as a complete " 1 " down from 1580. However note the .618 retrace depicted below is for the subwave 1439 to 666.

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The correction up is also approx equal to the measured down move in time. The correction is unlikely to be a 4th due to it's significant retrace in price and time, but it could be. It's character does suggest it is a 2 wave but perhaps of lesser degree than most have labeled. Won't make much difference short or intermediate term.

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