SPX weekly main & alt 5-31-14

SPX weekly main 5-31-14

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

Many Elliotticians are counting the rise since March 2009 as a cycle-degree wave B now, and many are counting the internal wave structure of the cycle wave B as a double zigzag. The weekly chart above provides evidence that the rise since March 2009 may actually be carving out a triple zigzag, and shows several supporting pieces of evidence:

1) The initial primary degree (burgundy) wave W sports a common Fibonacci relationship inside of it, where intermediate-degree wave C (black) is almost exactly .618 times wave A black (@ 1352.67).
2) Burgundy) wave Y also includes a common Fibonacci relationship inside of it, where wave C black is almost exactly equal to wave A black (@ 1687.78).
3) Within burgundy wave Z, wave C (black) is currently very close to where it would be equal to wave A (black) times .618 (@ 1916.57).
4) Burgundy wave Z would equal Burgundy Y times .618 at 1938.79.
5) MACD did not indicate black C-to-A divergence at the end of waves W or Y (burgundy), but appears to be setting up to show it now, near the end of black wave C within burgundy wave Z, the final wave within the pattern.
6) The entire rise since March 2009 is just slightly above where it would nearly equal the net travelled by cycle-degree (teal) wave A (March 2000 through March 2009) times 1.382 (@ 1891.35). Wave B’s within expanded flats commonly end fairly close to 1.382 times wave A.

I have other wave counts, and I show them on multiple timeframes during each of my weekly “Counts” webinars, but the Fibonacci relationships within this triple-zigzag count are fairly compelling.