Thursday, May 7, 2009

Tony Caldaro's Objective Elliott Wave update includes adjustments to S&P 500 wave count

Tony Caldaro adjusted his Objective Elliott Wave count for the S&P 500 index in his Wednesday update. I'll quote some of his remarks: "There are some interesting fibonacci relationships with this new count. Minor C = A at SPX 923, and Intermediate C = A at SPX 946. With the OEW 912 pivot being exceeded today the next resistive pivot is at 935. This is in the middle of both fibonacci relationships." Note that it looks like he's going to hold off on the final labeling for his "c" wave on the chart until he believes it has confirmed completion of those counts. You can read the full update at his Elliott Wave Lives On (including a quick comparison discussion to the Great Depression bear market rallies), and below is his hourly-bar chart for the SPX (his charts are available from the charts link at his website, and they update continually). I've also added his RSS feed along the right side of the page, underneath the listing of "other sites of interest", as another way readers can keep up with Tony's daily and weekend updates.

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