Elliott Wave Analysis of the S&P-500 (SPX) and the US Dollar Index ETF (UUP) by Sid from ElliottWavePredictions.com

SPX 240m 11-14-13

Elliott Wave Analysis of the S&P-500 (SPX) and the US Dollar Index ETF (UUP) by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.

The S&P-500 continues to stretch upward, and corrections are becoming more shallow and brief. It appears that the SPX is seeking the 1891.35 level, where cycle (teal) wave B will be equal to the length of cycle wave A times 1.382. In expanded flats, wave B is most commonly 1.382 times A.

It is also most common for wave 5 of an impulse to be .618 times the net traveled by waves 1 though 3. The chopping up and down in relatively equal waves from May though October made it quite difficult to know where to place the blue (minor) wave 4 label, but if blue 4 ended on August 28, wave 5 blue would equal the net traveled by waves 1 though 5 blue times .618 at 1887.31, which is only 4 S&P points away from the larger cycle-degree 1891.35 Fibonacci target.

By the way, I’ve been weaving Hurst cycle analysis into my Elliott Wave counts in recent weeks to assist in the projection of a target date to accompany the Fibonacci price target that Elliott Wave provides. This approach has proven quite beneficial in a number of items already. For instance, below are charts of the US Dollar Index ETF (UUP). The first is the exact EWP Screenshot I sent out to paid subscribers on October 27. The second is a current (Nov 14) screenshot of my UUP wave count. As you can see, the combination of Elliott Wave, Fibonacci, and Hurst Cycle analysis can be most powerful, but only if applied perceptively and intuitively. I plan to incorporate clustered Hurst cycle target dates into as many of my wave counts as possible moving forward, as shown in my weekly weekend “Counts” webinars and EWP Screenshots services for paid subscribers.

US$ UUP 240m 10-27-13

UUP 240m 11-14-13