This latest version of the blog will describe my efforts on maintaining an Elliott Wave count on the S&P500 cash index.I start by showing that we may have hit a fifth wave target in the impulse pattern that began at the February 9, 2009 high. The horizontal blue lines are Fibonacci targets for wave v" based on wave iii". The red lines Fibonacci targets for wave v" based on wave i".
Note also the similarity in time between wave i" and the proposed wave v". If this interpretation is valid the market should now begin an upward rally.
All chart notations will be explained over time and each daily posting will be limited in scope.
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