S&P 500 Elliott Wave Analysis: Possible Major Reversal Day

This entry was posted by Tuesday, 21 August, 2012

S&P 500 Elliott Wave Analysis: Possible Major Reversal Day

This long term S&P 500 Elliott Wave analysis chart shows a bearish wave count we have been following for some weeks now and as you can see, it has followed the expected path near perfectly. The new high today will have triggered a large number of stops and after weeks of constant grind up, it may have been enough to give us the capitulation that can now allow for a larger decline.

Targets and support / resistance levels are reserved for subscribers to Kennys Elliott Wave Analysis but if this wave count is correct we can expect a decline into the next 9 month cycle low. Free charts are available in my free chart list at Stockcharts.

S&P500 Elliott Wave Analysis Chart



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