Last night we said:
“We sometimes think that Elliot Wave Analysis was created just to make weather forecasters feel better about themselves. Today was a nothing day and certainly did not feel like we were in a (iii) of [iii] down. It felt like more of a triangle – which would suggest we were still in a (ii) of [iii] or even a [ii]. Anyways We’ll stick with my count because we still think it has the highest probability. The market will let us know pretty soon is my guess.”
Clearly we did not start (iii) of [iii] today and I feel like a frustrated weather forecaster.
I have put together the next highest priority count, below. This would suggest that we start (iii) of [iii] soon – there may be one more thrust to the upside to complete c and thus (ii).
The next hishest priority count would be that we are still in [ii] – although there are several technical reasons why that would be a weak count.
SPX
Also the updated SPY price projection chart.
SPY
