Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.
After the threat of unlimited debasement of the US Dollar from Ben Bernanke two weeks ago, the S&P jumped, but just as quickly stalled out. Now, upon Friday’s close, a second weekly MACD histogram divergence has occurred, which has historically been a very accurate trend change signal. This brings my long-standing main wave count, which I had admonished to alternate status after the post QE3 spurt back into focus as still strongly viable. I don’t think the Elliott Wave pattern is quite complete yet though without an attempt at a new high above the Sept 14 high, although a truncated pink wave 5 is possible. Movement below 1407.14 would indicate that a top is likely “in”, if this interpretation is correct.