As we noted in our weekend forecast for the SP500:
“we should finish the uptrend (Minuette (ii) of [iii]) on Monday or Tuesday somewhere between 1067 and 1082. We can then start minuette (iii) of [iii], which should be a doozy.”
This happened today. based on this I think we finished minuette (ii) of minute [iii] of minor 1 of Intermediate (1) of Primary [3] and we have now entered (iii) of [iii] – confirmation will be when we break through Friday’s low. Alternatively there is still a chance that today was the b wave of (ii) – If so we should get a c wave back into the resistance zone (1067-1082) tommorrow, and then start (iii). Which ever of the counts is accurate the trend is now down and any rally should be taken as a further bear opportunity.
Updated chart with my highest probability count below..
SP500 Elliot Wave Primary 3
Now if we are in (iii) we should get a some major downward pressure quickly. I’ll start to work on some projections for the next several sub waves.
