SPX 6 MAY 60MIN ewave

Comment

Comment by Peter Matthew on June 7, 2009 at 3:33am

This fourth wave could rally to a .50 retracement (about 1060) but the internal minor wave counts and the previous high at 950 mean that there is work to get through these levels first

Comment by Peter Matthew on June 7, 2009 at 3:28am

The large wave down from Oct 07 is a 5 wave impulse wave of which we are just completing wave four, that implies another large leg down, probably retesting lows. This whole wave down from Oct 07 can been seen itself as a third wave from tech crash mar 2000 to oct 2003 then up to oct 07. This could therefore be 3 of 5 of larger wave down, or alternatively a wave C of A, B, C, hence the 0.382 of the whole way down may still be relevant. We should get more insight into alternatives in the near future I think :-).

Comment by Steven Vincent on June 7, 2009 at 3:03am

Does that mean that a Wave 5 is still pending? Are there other potential wave counts? (I'm not much into Elliot or wave theory myself).