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Special Elliott Wave S&P500 Bulletin   

For April 24, 2009

Anant Acharya

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Contrary to our expectations and analysis, the S&P500 continued unfolding in a sideways pattern today. The sideways movement however, does not appear to change the overall trend and direction of the market.

It appears that the S&P500 is now unfolding a 1-2-1-2 pattern and in doing so increases the possibility of lower levels in the days to come. However for this count to hold the S&P500 should not rally above 862 and if that happens we shall revisit the count again.

For April 24, 2009, we expect the S&P500 to head lower straightaway and into the 810-798 range. A rally above 862 would be the invalidating point for this wave count.

Figure 1 – Three-minute chart of the S&P500 showing the beginning of a Zigzag beginning April 21 with the completion ZZ Wave B April 22. Chart provided courtesy of Refined Elliott Trader (RET) software produced by Elliottician.com

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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