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Strategies & Market Trends : Classic TA Workplace

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From: Henry J Costanzo	1/2/2007 11:45:34 AM
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SPX Count .....Herewith weekly update of my stab at EW count...... Based on my longer-term count that SPX is moving in the final major 5 up from the 2002 low, I would conclude we are now in the final iv correction down...before the final v and 5 to conclude the 2002 impulsive bull. I would suggest...and I believe this is consistent with the rules of alternation.... the current iv correction is taking the form of a zig-zag, of which a-b have been completed. The c down now in progress could now fall back to about 1407 (c=a) or 1404 (the lower limit of the preceding lesser 4). The latter would also mean a fallback to support at the 50dMA...the first time since last summer that price would have retreated back to the 50dMA.. Based on my longer-term count, and a FibRatio of 1.618 between Wave 5 and Wave 1-2-3, I would look for the final v after the current correction to reach about 1455.. Finally, would again note that my HBAC, alternate bullish count, would be approaching completion of a major Wave 3 here, rather than a Wave 5 as indicated in the forgoing, up from the 2002 low.

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