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

Based on the Euro possibly being overdue for a relief rally, as well as what counts best (at least in the contract, which isn’t as reliable as the index) as 5 waves up in the S&P starting Tuesday, the alternate count depicted above must be considered, although my main count (shown in the Sept 2 post) is continuing to hold up well.

Please join me for my Sunday, 2-hour “Sid’s Current Elliott Wave Counts and Projections for the Major World Stock Markets, Currencies, and Commodities” webinar, or view a recording of it afterwards. Here’s how . .

Also, if you’d like to understand more about the how I integrate traditional technical indicators with Elliott Wave, consider accessing the 2-hour recorded educational webinar entitled “Early Detection of Trend Changes Using a Combination of Elliott Wave, MACD, and Japanese Candlesticks”. Here’s more about that . .

Thanks,
Sid
http://elliottwavepre.wpengine.com

Note added after sleeping a few hours: The Euro broke though my technical level overnight of 1.38 (during the London session . . overnight in the US), and is now, in my opinion, in wave 3 blue of wave 3 black, and is continuing to move downward impressively, as it should if that count is correct. This adds additional weight to my main SPX wave count (last presented in the Sept 2 post), and lessens the likelihood of the altenate view shown earlier in this post.  Invalidation (Euro) is now at the wave 2 blue high of 1.415.