I do use a few Elliott Wave rules here and there as they nicely describe patterns and market action. However, what I don't like about E-Wavers is they cannot seem to adjust well to changing patterns... And most of them don't have proper technical indicators that work with the wave counts. Here is the daily pattern I currently expect. Wave C down to around 1324, Wave A-B-C counter trend rally, then a MASSIVE correction after that.
The only reason I would assume the pattern out so far is because the weekly technicals also agree perfectly.
Here's my elliott wave analysis of the S&P500 and the GBP/USD currency pair, I think you may find this of interest... Elliott Wave's suggest there may be one more rally to go before a major top may start to form... followed by another stock market crash (!).... time will tell http://www.youtube.com/watch?v=rx5H-fCjA_g
Yep... Exact same analysis across the board... One more rally then crash. Which means it's likely were all wrong and it just crashes... LoL! Jk... The next rally should be 1390 tops IMO.