Elliot Wave Analysis has confirmed that we are now entering Primary IV correction. And our three scenarios for SPX that we are continuing to monitor has confirmed that this is the most probable count as of this moment.
The break below of 1906 or Int iv of Major 5 has confirmed that the correction was much of a greater degree and option for that new low was that we are now in Primary IV correction which consists of Major A, Major B and Major C.
We also broke below the RED uptrend line since June 2013 which suggests that we have medium term target of 1800.
Positively speaking on the short term, RSI hit 31 and MACD is low, suggesting that we may see Major A ending soon. Rough idea should be around 1818-1874. Then a bounce to 1927(38.2% retracement) or 1906(23.6% retracement) before Major C low.
We need to see Major A first before we can predict Major C.
For now, let us see if Major A extends to the downside or Major B is ready to make short term rally.
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