Wave Pattern in S&P 500
I’m no Elliotician, but I can play one here on the Trading-U blog.
Here’s my depiction of a five wave down pattern — Elliot wave –in the S&P 500 front month futures contract, which completes the top of the 4th wave at the 50% retracement level of the 2007-2008 sell-off at approx. 1125.
I’m also guessing the whole thing bottoms at approx. 611 in mid-2010 because that’s a favorite number of mine.
Have a great weekend everybody!
Jay
Jay Norris
www.trading-u.com
jnorris@brewerinvestmentgroup.com
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Using Fibonacci levels with Elliot waves can some credibility here. It makes sense and the two can be used together. Interesting Indeed.