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

The move down from October 18 through November 16 looks more like an abc than a 5-wave impulse, although because wave 1’s are often “unclean”, either could be correct. My main count is that wave 1 blue of a leading diagonal ended at 1343.35, and wave 2 blue is underway, and is required to be a zigzag. Wave 2’s and 4’s of diagonals typically retrace between .66 and .81 of the preceeding wave, so if a leading diagonal is underway, the SPX is likely to continue higher to between 1423 and 1441, and then fall, likely in 3 waves to slightly below the November 16 low. If that occurs, I’ll be comparing the length of waves 1 & 3 blue to determine whether to expect a contracting or expanding diagonal. Invalidation is at 1464.02.

As a side note, I just added a 10-minute YouTube video to my site under the menu heading “Long Term DJIA Wave Count (Free Video)”. With this information now available 24-7 and free to all, this will shorten the weekly “Counts” webinar back to the originally planned 2-hours, as the coverage of counts involving quarterly candles will no longer be needed in that setting. If anything changes on my long-term count, I’ll post a new video again under that heading.

I’ve also had a number of requests for weekly access to a group of 24 screen shots consisting of my weekly, daily, 240 minute, and 60 minute wave counts of the most popular items: SPX, Gold, Oil, Treasury Bonds, US Dollar Index, & EUR/USD. Whether you are a regular enrollee in my weekly “Counts” webinars or not, let me know if this would be of interest to you. I’m considering adding it as a service.

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