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Special Elliott Wave S&P500 Bulletin   

For April 29, 2009

Anant Acharya

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As expected, the S&P500 did dip in the initial hour of trade and then recovered once again to 864 levels in a corrective 3 wave pattern. This forms part of a complex corrective to the earlier Impulse (IM) wave.

Sooner rather than later, when this corrective pattern ends, we should see a sharp fall in the markets and depending on how far the wave extends, can then revisit our forecast.

Yesterday’s chart remains in effect until we have a clearer picture. At this stage markets appears to be directionless.

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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