Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com

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

The most interesting aspect of the wave count shown above is that price action since the January 5 low counts as a perfect ending expanding diagonal, including a wave 5 that bounces precisely off of a line connecting the extremes of waves 1 and 3. Also, if the top is “in” at 1303, the turn occurred 54 daily bars from the Oct 27 high, (acceptably one less than a Fibonacci 55 days), and a Fibonacci 34 daily bars from the Nov 25 low. Today’s high also stopped just 1.5 S&P points shy of retracing .786 of the downward movement from July 7 through September 22nd.

Additionally, it appears that the upward wave structure counts as complete in the Russell Index (RUT).

A very early confirmation that the top may be “in” would be a small 5-wave non-overlapping downward impulse from 1303, but examination of a 5-minute chart reveals that, at least during the cash session, this has not occurred quite yet, although it could be in process.

If Wednesday (or Thursday, at the latest) brings a slight new high above 1303, it will still be within the fibonacci target date zone for a turn, and I would likely label it wave c orange of an orange abc zigzag to complete wave 5 green. I this does happen, the end of the up-move will likely fall just short of reaching the line extending from the extremes of waves 1 and 3 green. The C=A (blue) equality target is still dangling up there at 1310.41. Movement below 1290.88 will provide early confirmation that a top is in.

Sid
http://elliottwavepre.wpengine.com

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