Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
The expected 5th wave down (that was starting to materialize nicely after my last post) was obliterated in a flash by the market’s kneejerk response to coordinated central bank interventions around the globe, as if liquidity were the problem instead of solvency. So . . here’s my new main count, which is actually relatively unchanged from the main count I’d been showing for many weeks until quite recently: (see the Oct 18 post). Notice that the final upward push need only occur in 3 blue waves, and is not required to make a new high above the late October high of 1292.66. This is because, if this wave count is correct, the SPX just entered into black wave Y of a WXY correction. W’s, X’s, and Y’s are all “threes”, and each can either fall short or eclipse the extreme set by the prior. A slight new high above 1292.66 cannot therefore be counted out. This count would be invalidated if price moves above 1356.48.