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Updated EW count on the S&P 500

  • February 13, 2010 12:29 am

I was updating this count as the trading day progressed. It is technically correct and confirmed by the EWI Short Term Update however I do not like it. I will be looking to send out an update over the weekend, meanwhile here is my highest probability chart for now..

Spx

SPX

SPX – Continuing to Count Primary 3

  • February 8, 2010 3:33 pm

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

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.