Sunday, 21 October 2012

S&P500, Sunday OCT 21, 2012



Hi Traders,

Unless some extended Elliott Wave shows up, it's time to short the S&P500, and for the long run. Expect a lot of volativity. Hence, be careful about the entry point as there could be a little retracement up on Monday (see 4-hour chart).

SITUATION

The S&P500 in the weekly chart below has completed 5 waves up from the minimum in March 2009. If the wave count is right we're aiming for 1090-1012 as a minimum




 
 

The daily chart below shows that the last wave up was an extended wave (see 555 - top right) followed by a 1-2-3-4 sideways in red. From now on the downtrend could be faster. 






The 4-hour chart below shows a candlestick reversal at 555 (top left) and another cadlestick reversal at 32 (top centre in blue and red). After the big slump (on the right) there could be a retracement. Then the downtrebd should resume.


 


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