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Special Elliott Wave S&P500 Bulletin   

For April 21, 2009

Ananth Acharya

As expected S&P 500 dropped sharply before it could take out the upside threshold of 885. This sharp fall today sets up several possible downside targets from here. As mentioned in our weekend report , the overnight gap down came as expected but the relentless selling pressure today means we have to see what unfolds from here before providing any further wave counts.

The first possible target at this stage is the beginning of Wave 1 of the Ending Diagonal (ED) at the 780 level which may get hit in a day or two. Once there, we will be in a better position to project further targets.

We shall revisit the count once again tomorrow when we have more clarity. For tomorrow, April 21, we expect the S&P500 to continue in the fall to 812 levels where some support may be found.

There are no charts today and we shall post new charts with a clearer count tomorrow

ANANT 

Suggested Elliott Wave Reading

Forecast Change for Elliott Wave Followers by Matt Blackman (SFO article explores recent EW research findings)

http://sfomag.com/article.aspx?ID=1218

Short Overview of Elliott Wave Principle

http://www.indiacharts.com/EW.htm  

Elite Trader’s Secrets by Richard Swannell (Free eBook)

ftp://ftp.elliottician.com/pub/ebooks/ERP1Results2003.pdf

Elliott Wave Principle by A.J. Frost and Robert Prechter

http://www.elliottwave.com/books/ewp/default.aspx?code=oco 

R.N. Elliott's Masterworks edited by Robert Prechter

http://www.elliottwave.com/books/rn_masterworks/default.aspx?code=oco

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