It's not every week you see a 19% range in the SPX, it's a good thing too. This was one ugly week for the markets. Despite a strong rally on Friday afternoon the SPX finished down 12.7% from its high late in the day on 11/14. On a closing basis the weekly loss was a bit over 8%, any way you cut it, it was a lousy week.
SPX 65 minute chart
Click to enlarge
DJIA Daily Chart with Cycles
Click to enlarge
SPX Daily Chart with Elliot Wave Count
Click to enlargeThis is an extreme market, the psychology which is the basis for Elliot Wave Counts will be extreme. Therefore, I believe the simplest count will be the correct one. The last leg down may need one more yellow dot to complete, this could happen Monday or Tuesday as a result of option positions unwinding.
No comments:
Post a Comment