An analytical Market commentary from multiple authors specializing in Elliot Wave, Fibonacci Ratios, Technical Analysis and other indicators.
Monday, March 4, 2013
March 4 2013 Monday
SPX~ The SP has been printing 5 leggers up and 3 leggers down since the 1397.77 low. There was a good chance that would change at the 1531 peak, but a change did not occur ( or hasn't yet). First move down was a 3 legger to our target area of 1470's to 1480's. The actual low on SP es was 1481ish.
If the market wants to take a breather here, then 1481 low will be a:4 and what has followed is part of the B:4. ( When the B is complete, we will see another dip down to the 1480 area ( plus or minus) in the "C" wave). Often a wave 4 will print a double dip type pattern that may look similar to the fangs on a venomous snake.
But if the markets are in a hurry, then the 40 point impulsive run to 1524.50 es from the low will become a wave 1 of wave 5 up. We can guess here, or give the market a bit of time to tip it's hand.