This SP500 Chart is NOT Pretty - UPDATE

By: readtheticker | Fri, Apr 29, 2011
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Can't resist an update to the Elliot wave count in a previous post. Confession, we are not Elliot Wave experts, and we are using Elliot Wave 101 here. When its simple and obvious we can count the waves out ok. So pinch of salt and all that.

No matter what measuring stick you use to measure this massive bear market bounce or bull market within a bear market or 'V' recovery prices have run up for a long period and something is bound to happen.

NOTE: Only a mad man would call a top in this market. But its fun!

This is an update to this post: This SP500 chart is NOT pretty

To conclude: Price is in the final rally up, ending at a larger count of 5,5,C. Currently price will either do a ABC and finish within days or break into a small 5 count and finish in a couple weeks (mid may, 'Sell in May').

Could the massive ABC from March 2009 lows be a mere 1 and 2 of a massive new bull market. If that is true then this may be the new USA flag. Hope not, money printing and currency devaluation are tools of economic policy failure. Learn more via Keynes vs Hayek.

Here is our best count...

SPY

 


 

readtheticker

Author: readtheticker

readtheticker
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