Elliott Wave Suggests 1445 Target
- Thread starter Landis82
- Start date
Quote from Landis82:
to finish this entire rally sequence up from the Summer low.
Wave 1 = 68 points in the SPX
Now that we have recently concluded an A-B-C Wave 4 with the low coming in at 1377.83 last week ( and the "B" wave having made a new high ), one can simply add 68 points to that low of the C-leg in Wave 4 at 1377.83 in order to obtain the ultimate SPX objective of:
1445
A more conservative objective would suggest that Wave 5 does not share "equality" with Wave 1, and thus is a fibonnaci of Wave 1.
For example, .618 of 68 = 42.02 points
1377.83 + 42.02 = 1419.85
Either way, the wave structure is so "mature" at this point and time that it does not allow for any variability, or subdivision as is usually the case in "complex" Wave 3's. As a result, we are coming to the end of this awesome rally, with concrete targets having been generated for the S&P.
Good Luck to All
Every so often I like to pull Robert Prechter's 'At the CREST of the Tidal Wave A Forecast for the Great Bear Market' off my bookshelf to remind me of what can happen when I start thinking too rigid about the long-term direction of the markets, based on wave theory, and the pain that rigid thinking can cause.
That said, I love pattern analysis. Nice Thread! Good luck with your prediction!
First leg up in this 5th and final wave started on Nov. 28th at 1377.83 and terminated at 1406.30 on Nov. 30th for a total of 28.47 points.
28.47 added to the Dec. 8th low of 1403.67 gives a target of:
1432.14
Looks like we essentially got there today ( 1431.81 ), testing Friday morning's early pop at 14.31.63 and failing to make a new high.
A close below 1425.75 today will confirm the pattern and indicate a minor top. Should now see a decline unfold over the next 2-3 days down toward the 1413.60/1411.45 level.
28.47 added to the Dec. 8th low of 1403.67 gives a target of:
1432.14
Looks like we essentially got there today ( 1431.81 ), testing Friday morning's early pop at 14.31.63 and failing to make a new high.
A close below 1425.75 today will confirm the pattern and indicate a minor top. Should now see a decline unfold over the next 2-3 days down toward the 1413.60/1411.45 level.
Quote from Landis82:
First leg up in this 5th and final wave started on Nov. 28th at 1377.83 and terminated at 1406.30 on Nov. 30th for a total of 28.47 points.
28.47 added to the Dec. 8th low of 1403.67 gives a target of:
1432.14
Looks like we essentially got there today ( 1431.81 ), testing Friday morning's early pop at 14.31.63 and failing to make a new high.
A close below 1425.75 today will confirm the pattern and indicate a minor top. Should now see a decline unfold over the next 2-3 days down toward the 1413.60/1411.45 level.
By minor top, are you suggesting that this is wave 5 of 3, and there is another wave up?