You can check out DanEric40′s latest Elliot Wave Analysis update on Social.
In his post, he shows a few different charts and wave counts that could play out. Here is the one that I prefer:
I like this scenario because it shows Wave 3 of 3, the mother of all Bear Market waves, ending on Monday, October 20. This is a significant date because it would create symmetry between Waves 1 and 3. Check out the chart below:
Remember, options expiration in on Friday, October 17.
The 3(3) price target of 925 is a 1.618 extention from 3(1).
Craig awesome chart!
Did you notice your second box is divided by the “Golden Rule” (i.e. – fibonnaci)? Lower half appears to be .382. Upper half is .618.
I really think its going to hit that corner like you said. Won’t be the end of the bear market of course, but likely rally through the end of year would be nice change from the gloom and doom.
Hope will spring eternal again. Such is the life with waves!
Also it will only be the end of Minor wave 3 I believe. After Minor wave 4 plays out (multi week correction to end no higher than 1199 SPX – beneath the price of July low), we head down for minor wave 5 which should be after the new year likely. When that is over, Intermediate wave three should be finished. Then another nice rally for intermediate wave 4.
PS – your site is slow. you might have some traffic problems.
I’m looking at a technical bounce back tomorrow. We are way oversold right now. Looking at a bounceback to 1041 on the /es. Maybe a little bit less, but we are oversold.
Check out the updated chart on social page. I fixed it last night predicting a postive open.
Looks like that may come to pass
As I understand you are consireding SP 925 level as the bottom of 3rd big wave (from Jun to Oct), then 4th corrective wave should come, and then 5th wave down. Where do you see the bottom for the 5th wave?
Craig could you put up my updated chart instead? I worked on it some more last night after you posted this and made another blog post on extended wave 3′s that may tell the final story. Worked til 1 am crunching Fib numbers.