Current Elliott Waves - SPX put in a new ATH this week. As shown on the chart, from 2728 SPX did the larger degree waves 1 and 2 in blue color, and part of wave 3, the smaller degree waves 1 and 2 (in red color) are also complete. This week, the market worked on red wave 3, and so far it did smaller waves 1, 2, 3 and 4 in black color. Only black wave 5 is still outstanding to complete red wave 3.
My Expectations: I expect this black wave 5 to have 20 points (5 done today, 15 outstanding), so blue wave 3 will probably finish around 3003 (could go as high as 3020 if it extends - if Monday starts with a big gap up, it will probably extend). From there, i expect the market to go down 40 points or so (close to 60 if black wave 5 extends - see above) to do red wave 4. In plain english, Monday, I expect it to go up another 15 points or so (more points if it is extended (big gap up at open) but no higher than 3030), and then drop about 40 points (or 60 if black wave 5 extended - see above). From there, it will head up again to a new ATH.
Do not use Elliott waves for short term trading - they work properly for longer term trading (i.e. 2-3 months is the best)