Elliott Wave Suggests 1445 Target

Why would anyone invest/trade their money based upon someone else's work?
Are you THAT lazy???

 

Every so often I like to pull Robert Prechter's 'At the CREST of the Tidal Wave A Forecast for the Great Bear Market' off my bookshelf to remind me of what can happen when I start thinking too rigid about the long-term direction of the markets, based on wave theory, and the pain that rigid thinking can cause.

That said, I love pattern analysis. Nice Thread! Good luck with your prediction!

 

Upward target today is 1421.25 / 1425.05 levels in the SPX.

Getting there . . .

1422 so far.

 

Here a little tool I put together in an excel file that seem to work on the Elliott Wave Theory.

 

What´s the target now?

 

First leg up in this 5th and final wave started on Nov. 28th at 1377.83 and terminated at 1406.30 on Nov. 30th for a total of 28.47 points.

28.47 added to the Dec. 8th low of 1403.67 gives a target of:

1432.14

Looks like we essentially got there today ( 1431.81 ), testing Friday morning's early pop at 14.31.63 and failing to make a new high.

A close below 1425.75 today will confirm the pattern and indicate a minor top. Should now see a decline unfold over the next 2-3 days down toward the 1413.60/1411.45 level.

 

By minor top, are you suggesting that this is wave 5 of 3, and there is another wave up?

 

Elliott wave is all wet.

 

1414.88 so far this morning on the decline.

 

SPX has taken out yesterday's lows on low volume and should decline into the 21 day MA at 1409.79

A simple "measured-move" off the recent high of 1431.81 will target 16.93 points off of yesterday's counter-trend rally of 1429.05 = 1412.12