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S&P 500--Wednesday, September 16, 2009

2 quick charts after close:

First a classic Elliott ABC pattern on the weekly chart, with a slightly irregular sideways B. (Top of A wave at 930 in late May. B correction ends in July.) Projecting a C top 1.618 times above the level of A would get us around 1093.
090916-1600-spweek.gif

Then a daily chart showing impulsive pattern leading to current rally. 2.618 Fibonacci target would land somewhere around 1097.
090916-1600-spday.gif

Posted by Pure Guesswork on September 16, 2009 4:14 PM |

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