Tuesday, October 16, 2012 9:53:18 AM
Pretzel view and charts:
"I realize that Elliott Wave Theory can be confusing at times, so please keep in mind that I am projecting two different time frames in this update (as in most updates):
1. On the longer time frames, the preferred view is that new swing highs north of 1480 will be made, one way or another. There are several more bearish alternate wave counts, but currently these appear to be long-shots; thus they will be discussed in more detail only if the market dictates.
2. On the shorter time frames, I'm slightly favoring the view that a new swing low (with a current target in the 1410-1420 SPX zone) will be made before the "final" low is in place and the market rallies beyond 1480. The first alternate short-term wave count is that the low is in place already, at SPX 1425."
"I realize that Elliott Wave Theory can be confusing at times, so please keep in mind that I am projecting two different time frames in this update (as in most updates):
1. On the longer time frames, the preferred view is that new swing highs north of 1480 will be made, one way or another. There are several more bearish alternate wave counts, but currently these appear to be long-shots; thus they will be discussed in more detail only if the market dictates.
2. On the shorter time frames, I'm slightly favoring the view that a new swing low (with a current target in the 1410-1420 SPX zone) will be made before the "final" low is in place and the market rallies beyond 1480. The first alternate short-term wave count is that the low is in place already, at SPX 1425."
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