Tuesday, May 4, 2010

SPX's Elliott Wave Count Points to an Imminent Short Term Cycle Low


SPX's (S & P 500, http://bit.ly/i0nsT) Elliott Wave Count Points to an Imminent Short Term Cycle Low, see http://bit.ly/i0nsT. Since the recent 1219.80 cycle high (shown on the chart) SPX has done a Wave A downcycle followed by a counter trend Wave B upcycle, then, SPX did Wave A of Wave C down, Wave B of Wave C up, and, appears to be in the final Wave C of Wave C downcycle now, probably very near a bottom, see http://bit.ly/i0nsT.

Usually downcycles follow BOTH an Elliott Wave ABC down up down pattern AND an inverse Elliott Wave 12345 down up down up down pattern on the daily chart, but, occasionally, as is probably the case for SPX now, it only does an Elliott Wave ABC down up down pattern.

The very high volatility (a volatility spike, which has a high correlation with a very high level of fear) also points to an imminent important cycle low.
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