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

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.

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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.