$SPX Short-term Elliott Wave update 4.21.2015

Preferred Elliott wave view suggests a cycle from (x) low has ended and a pull back in wave “b” is in progress. 2091 – 2086 is the ideal area to complete this pull back and then we expect the rally to resume. Green arrow indicates the trend is up and also the line going toward “b” low is a dashed line suggesting it’s a counter-trend move. So we like staying long from (x) dip area with risk free positions and expect wave “b” dip to find buyers in 3, 7 or 11 swings as far as pivot at 2072 low remains intact. Only a break of pivot at 2072 low would open another extension lower.

$SPX 6020150421132552

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