SPX: a myriad of possibilities.

Often when a top get’s closer and closer, it becomes harder and harder to count the 4th and 5th waves. Was that iv of 5 of III or 4 or (iv) of iii, etc, etc. Although not shown here, the DOW made a low below Friday’s low and the move from Friday’s low to today’s high was only 3 waves, which makes things just a little easier:

1) minor 4 bottomed today at SPX 1995, and the previous 1990 low was minute a, today’s SPX 2006 high was minute b, and today’s low was minute c

2) SPX topped for Primary III at 2006 and minor 5 truncated severely.

3) Today’s high was minute i, and today’s low was minute ii

4) Minor 5 is setting up to become some sort of diagonal

Time will tell us soon enough which count is correct. In any case, I’ve drawn and Elliot channel from the 1905 low to the 1995 low and if we assume minor 5 equals one (both in time and price), then again we hit the magic number SPX 2036 (SEE HERE!), right at the upper channel trendline. Shorter minor 5 wave targets are also given.

SPX update 09022014

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