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Special Elliott Wave S&P500 Bulletin   

For April 23, 2009

Anant Acharya

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As expected (and indicated yesterday) the S&P500 found support at the overnight levels and from there rallied to 860 levels. Now it appears that wave 2 ended in a Double ZigZag (DZ) pattern and prices then came hurtling down in the last hour of trading to close in negative territory once again. This late sell-off marks the beginning of Wave 3 of 1 of 5 and we should be seeing the S&P500 working steadily from here on down to lower levels.

Figure 1 – Thirteen-minute chart of the S&P500 showing the completion of IM Wave 2 and beginning of the next IM Wave 3 down from the April 22 highs. Chart provided courtesy of Refined Elliott Trader (RET) software produced by Elliottician.com

For tomorrow, April 23, 2009, we expect the S&P500 to drop further towards 821-810-798 levels. Generally, the trend should be solidly bearish over the next few days.

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 

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

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