SPX Short-Term Elliott Wave Analysis 12.9.2014

SPX500 cycle from Mid-October low is mature and expected to end soon. Index has met minimum requirements of the structure which makes it even more vulnerable but we don’t like to pick tops or bottoms in Elliottwave-Forecast and the fact that Index provided divergence in RSI with the new low we saw today, we still like the idea of FLAT wave (4) with an extended wave (( v )) in C. So preferred Elliott Wave view is that wave (4) ended at 2034 and as this level holds, we look higher toward 2082 – 2096 which is the inverse 1.236 – 1.618 FE area of wave (( iv )) and if exceeded, next level of interest would be 2110 which is (5) = (1) target. We don’t like selling the Index in any of the proposed pull backs and favour extension higher as far as 2034 low is holding. If 2034 low breaks without a new high that would suggest cycle from Mid-October low is over already and Index has started larger 3 wave pull back which would offer a 4 hour swing buy down the road.

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