S&P 500 Elliott Wave Update: 7120 Here We Come

Since we count down weeks as 2^nd and 4^th waves off the April low, the not-as-deep-as-expected down week ending October 10 can be assessed as the green W-4. The warning levels for this wave count, which have consistently helped our newsletter members stay on the right side of the markets by enabling us to remain long with minimal concerns, have been raised as the SPX moved higher.

For the daily chart, the short-term, i.e. applying to the green W-5, they are now set at: first at 6843 (blue, 25% chance that the green W-5 is over); second at 6772 (gray, 50% chance that the green W-5 is over); third at 6752(orange, 75% chance that the green W-5 is over); and fourth at 6655 (red, green W-5 is definitely over).

For the daily chart, the short-term, i.e. applying to the black W-3, they are now set at: first at 6655 (blue, 25% chance that the W-3 is over); second at 6555 (gray, 50% chance that the W-3 is over); third at 6212 (orange, 75% chance that the W-3 is over); and fourth at 5767 (red, W-3 is definitely over).